Question # 1

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

Error of principle arises when

Choose an answer

Any transaction is incorrectly recorded, either wholly or partially

Any transaction is left wholly or partially

Any transaction is affects one account

Any transaction is recorded in fundamentally incorrect manner

The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the

Choose an answer

Balance sheet columns

Income statement columns

Cash columns

Bank columns

Transaction, having short-term effects are known as

Choose an answer

Revenue transaction

Capital transaction

Non-monetary transaction

Paper transaction

Purchased goods on credit and for cash will affect

Choose an answer

cash & goods

cash & creditors

cash creditors & owner's equity

cash goods and creditors

All the transactions recorded to credit sales are recorded in:

Choose an answer

Sale return book

Sales book

Cash book

Debtor's book

Bad debts are business

Choose an answer

Expenses

Liabilities

Assets

Revenue

A schedule of balances of all accounts is called

Choose an answer

Journal

Ledger

Balance Sheet

Trial Balance

Stock is trade is a

Choose an answer

Current asset

Non-current asset

Quick asset

Intangible asset

The capital profit should be transferred to:

Choose an answer

Profit and loss account

Trading account

Balance Sheet

Both Trading and profit and loss account and balance sheet

A copy of the customer's account in the bank's ledger is called:

Choose an answer

Deposit statement

Balance statement

Bank statement

Customer

When cheque received, and deposited into bank, bank account must be

Choose an answer

Credited

Debited

Both debited & credited

None of these

Net sales are equal to sales minus

Choose an answer

Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

Accounts relating to persons of firms are called:

Choose an answer

Real accounts

Proprietary accounts

Personal accounts

Nominal accounts

The valuation of closing stock is at

Choose an answer

Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

When boan statement shown a debit total balance it means:

Choose an answer

Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

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