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Online Tests
Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Unearned income are known as:
Choose an answer
Incomes
Expenses
Liabilities
Assets
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Question # 2
The accounts of assets and properties
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nominal accounts
real accounts
personal accounts
valuation accounts
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Question # 3
The book in which all cash transactions are primarily recorded is called
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Cheque Book
Pass Book
Cash Book
Finance Book
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Question # 4
The ______ is not a part of the permanent accounting record
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worksheet
Journal
Ledger
Trail balance
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Question # 5
Preliminary expenses incurred before the commencement of business
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revenue expenditure
capital expenditure
deferred revenue expenditure
capital loss
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Question # 6
The concept of conservation will have the effect of:
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Understatement of assets
Under statement of liabilities
Overstatement of assets
None of the above
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Question # 7
______ simplifies work to be done at the end of the period
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Work sheet
Ledger
Trail balance
Balance sheet
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Question # 8
Error of posting effects:
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One account
Two accounts
Three accounts
Four accounts
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Question # 9
Journal is prepared in
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Columnar form
Vertical form
Horizontal form
Row form
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Question # 10
The favorable balance of cash book bank column is
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Credit balance
Debit balance
Both debit and credit balance
None of these
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Question # 11
Cash account is a:
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Personal account
Real account
Nominal account
Both real and personal account
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Question # 12
A Ledger is a book in which
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Only Personal & Cash Accounts are Opened
Only Real Accounts are Opened
Only Nominal Accounts are Opened
All Real, Nominal and Personal Accounts are Opened
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Question # 13
Which column is prepared in single column cash book?
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Bank Column
Cash Column
Discount Column
All of the Above
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Question # 14
The balance of petty cash book is a/an
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Asset
Liability
Expense
Income
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Question # 15
A bill which is both drawn and payable within the geographical boundaries of a country
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Foreign Bill
Local Bill
Municipal Bill
Inland Bill
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Question # 16
Interest on drawings is
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An asset
A liability
An expense
A revenue
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