11th Class ICom Part 1 Principles of Accounting Chapter Wise Online MCQ Test With Answers PDF

Principles of accounting Icom Part 1 English Medium Online Test

Sr. #	Questions	Answers Choice
1	Goods withdrawn by the proprietor for personal use should be credited to	Purchase a/c Drawings a/c Expenses a/c Revenue a/c
2	Interest on drawing is debited to	Capital Drawings Sundry Creditors Outstanding expense
3	Income tax paid is a	Business Expense Business Revenue Business Liability Personal Expense
4	Net profit is always	Equal to gross profit more than gross profit Less than gross profit None of these
5	From business point of view, interest on capital is considered as	An income An Expense A Profit A Liability
6	The account of depreciation of building of Rs. 30,000 at 5% p.a. will be	Rs. 20,00 Rs. 15,00 Rs. 25,00 Rs. 5,00
7	Income received in advance during the year is	Prepaid Expenses Accrued Income Advance Expenses Advance Income
8	Assets having some market value	Fictitious Assets Real Assets Unreal Assets None of these
9	Goodwill, patent, copyright are classified as	Current Assets Fixed Assets Tangible Assets Wasting Assets
10	Gross profit represents	Opening stock + purchases closing stock + direct expenses - sales closing stock-purchases-direct expenses + sales purchases - sales
11	Net Sales represent	Sales - return outwards Sales - return inwards Sales - return to supplier both b and c
12	Interest paid on loan is	Abnormal Loss Financial Expenses Management Expenses Maintenance Expenses
13	Office rent is a	Financial Expense Abnormal Loss Management Expense Maintenance Expense
14	Net Profit is transferred to	Trading Account Balance Sheet Capital a/c Trial Balance
15	Profit & Loss a/c is prepared to ascertain	Gross Profit Net Profit Gross Loss Real Profit

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