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Online Tests
Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
A dealing between two persons is called a
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business
transaction
purchases
sales
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Question # 2
All the transactions related to credit sales are recorded in
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Sales returns book
Sales book
Cash book
Credit note book
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Question # 3
Cost incurred to generate revenue is called
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Revenue
Cost
Expense
Liability
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Question # 4
Retiring a bill under rebate means:
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Making payment for the bill before the due date
Making payment for the bill after the due date
Dishonouring bill
None of the above
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Question # 5
Cash account is a
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Personal account
Nominal account
Real account
Both personal and real account
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Question # 6
Wages paid for the erection of machine debited to wages account is an example of
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Error of omission
Error of commission
Error of principle
None of these
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Question # 7
Capitalized expenditures are shown in
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trading A/c
profit & loss A/c
income statement
balance sheet
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Question # 8
Interest on drawings is
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An asset
A liability
An expense
A revenue
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Question # 9
The accrued income or outstanding income will appear in the balance sheet as
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An expense
A liability
An asset
Both a & b
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Question # 10
Loss of good by fire should be credited to:
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Purchase account
Sales account
Loss by goods by fire account
Capital account
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Question # 11
The accounts of assets and properties
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nominal accounts
real accounts
personal accounts
valuation accounts
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Question # 12
All the time of endorsement of a bill the drawer credits:
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The drawee account
The endorser's personal account
Bill receivable account
Endorser's account
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Question # 13
The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:
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Rs. 200 will be deducted
Rs. 200 will be added
Rs. 400 will be added
Rs. 400 will be deducted
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Question # 14
Interest due but not received is an
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Outstanding expense
Accrued income
Prepaid expense
Unearned income
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Question # 15
Accounting records of a business enterprise are required by
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management of the business
outsiders
all of the above
none of the above
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Question # 16
Which one of the following is a direct expense?
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Packing expense
Advertisement expense
Manufacturing expense
Traveling expense
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