Question # 1

Retiring a bill under rebate means:

Choose an answer

Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

Debit Signifies

Choose an answer

Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

Which one of the following is appeared in the balance sheet

Choose an answer

Revenue expenditure

Capital expenditure

Deferred expenditure

Both b & c

Which book is used to record all cash receipts and cash payments?

Choose an answer

Sale book

Purchase book

Cash book

Petty cash book

Nominal account are related to:

Choose an answer

Assets and liabilities

Expenses, losses and incomes

Customers, creditors etc

Capital account

The expenses which are incurred for the generation of revenues from the sales of goods are called

Choose an answer

Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

Expenditure, which helps to maintain the business efficiency is called

Choose an answer

Revenue expenditure

Deferred expenditure

Capital expenditure

Future expenditure

A credit sale was wrongly passed through purchases book, the rectification of the entry will:

Choose an answer

Increase the net profit by, double amount

Decrease the net profit

Decrease the net profit by double amount

Have no effect on the net profit

At the time of drawing a bill the drawer credits:

Choose an answer

Debtors account

Creditors account

bill receivable account

Suppliers account

A balance sheet is a

Choose an answer

Statement of income and expenditure

Statement of debtors and creditors

Financial statement of a business on a particular date

Statement of profit earned by a busniess

Which one of the following is appeared in the balance sheet ?

Choose an answer

revenue expenditure

capital expenditure

deferred revenue

both b,c

Carriage account is a/an

Choose an answer

asset account

revenue account

expenditure A/c

withdrawal account

The body of worksheet contains

Choose an answer

Two pairs of money column

Three pairs of money column

Four pairs of money column

Five pairs of money column

All the time of endorsement of a bill the drawer credits:

Choose an answer

The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

Income tax paid is a

Choose an answer

Business expense

Revenue for business

Liability of business

Personal expense

A double column cash book is used to record

Choose an answer

Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

More Classes

Other Links

Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer