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Online Tests
Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
All those expenses which are incurred to convert raw-materials into finished goods are called:
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Direct expenses
Indirect expenses
Administrative expenses
Sales expenses
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Question # 2
If amount for Rs. 554 recovered from Ali, previously written off as bad debts we should
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Debited to bad debts recovered account
Credited to Ali account
Debited to bad debts account
Credited to bad debts recovered account
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Question # 3
The account of depreciation of building of Rs. 30,000 at 5% p.a. will be
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Rs. 20,00
Rs. 15,00
Rs. 25,00
Rs. 5,00
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Question # 4
If the total of the credit side of an account exceeds that of debit side of the same account, it is called
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Credit Balance
Debit Balance
Balancing
Zero Balance
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Question # 5
The outflow of funds to meet the running expenses of a business
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Revenue loss
Revenue expenditure
capital expenditure
capital loss
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Question # 6
Ahmed's cheque endorse to Akbar should be debited to
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Cash account
Cheque account
Akbar's account
Ahmed account
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Question # 7
When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called
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Honoured Bill
Retired Bill
Dishonoured Bill
Endorsed Bill
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Question # 8
Assets having some market value
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Fictitious Assets
Real Assets
Unreal Assets
None of these
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Question # 9
The book in which all cash transaction are primarily recorded is called
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Pass book
Cheque book
Finance book
Cash book
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Question # 10
A sheet which minimizes the chances of errors to the maximum possible extent is called
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Balance sheet
Work sheet
Paper sheet
Income statement
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Question # 11
Our cheque to Ali & Bros, returned dishonored should be credited to
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Cheque account
Cash account
Bank account
Ali & Bros account
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Question # 12
Gross profit equals to
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Net profit minus expenses
Sales minus closing stock
Purchases minus closing stock
Sales minus cost of goods sold
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Question # 13
The margin that is available to cover the other expenses for a period and to yield net income is known as
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Net profit
Gross profit
Net sales
Cost of goods sold
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Question # 14
Worksheet provides complete information for preparing
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Income statement
Position statement
Financial statement
Bank reconciliation statement
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Question # 15
Transportation cost paid for the purchases of Machinery must be debited to
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Transportation cost account
Purchases account
Machinery account
Cash account
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Question # 16
Goodwill, patent, copyright and trade mark are
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Wasting assets
Intangible assets
Fictitious assets
Liquid assets
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