Question # 1

Left hand side of an account is called

Choose an answer

Debit Side

Credit Side

Both a & b

None of these

Goods returned by customers are

Choose an answer

purchases

purchases returns

sales returns

sales

A Journal is generally kept on:

Choose an answer

A columnar basis

A row basis

A single line basis

Vertical basis

Pass book is prepared by

Choose an answer

Debtor

Creditor

Banker

Customer

Error of principle involves an incorrect allocation of expenditure or receipt between.

Choose an answer

Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

The book in which all cash transactions are primarily recorded is called

Choose an answer

Cheque Book

Pass Book

Cash Book

Finance Book

In form journal, the first column represents:

Choose an answer

Ledger Folio

Data

Amount

Debit

The cash book is a book of

Choose an answer

Compound entry

Original entry

Final entry

Simple entry

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called

Choose an answer

Errors of omission

Compensating errors

Errors of commission

Errors of principle

If any expense omitted to be recorded it will

Choose an answer

Overstate the profit

Understate the profit

Both a & b

No effect on profit

Which of the following discloses the financial position of the business

Choose an answer

Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

Interest due but not received is an

Choose an answer

Outstanding expense

Accrued income

Prepaid expense

Unearned income

Which account is a summary of direct expenses and direct revenues

Choose an answer

Trading and profit or loss account

Profit or loss account

Balance sheet

Trading account

All the acceptances received from the debtors are recorded in

Choose an answer

Cash book

Bills payable book

Debtor's book

Bills receivable book

Error of posting effects:

Choose an answer

One account

Two accounts

Three accounts

Four accounts

Income tax paid is a

Choose an answer

Business Expense

Business Revenue

Business Liability

Personal Expense

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