Question # 1

All those expenses which are incurred to convert raw-materials into finished goods are called:

Choose an answer

Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

If amount for Rs. 554 recovered from Ali, previously written off as bad debts we should

Choose an answer

Debited to bad debts recovered account

Credited to Ali account

Debited to bad debts account

Credited to bad debts recovered account

The account of depreciation of building of Rs. 30,000 at 5% p.a. will be

Choose an answer

Rs. 20,00

Rs. 15,00

Rs. 25,00

Rs. 5,00

If the total of the credit side of an account exceeds that of debit side of the same account, it is called

Choose an answer

Credit Balance

Debit Balance

Balancing

Zero Balance

The outflow of funds to meet the running expenses of a business

Choose an answer

Revenue loss

Revenue expenditure

capital expenditure

capital loss

Ahmed's cheque endorse to Akbar should be debited to

Choose an answer

Cash account

Cheque account

Akbar's account

Ahmed account

When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called

Choose an answer

Honoured Bill

Retired Bill

Dishonoured Bill

Endorsed Bill

Assets having some market value

Choose an answer

Fictitious Assets

Real Assets

Unreal Assets

None of these

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

Choose an answer

Pass book

Cheque book

Finance book

Cash book

A sheet which minimizes the chances of errors to the maximum possible extent is called

Choose an answer

Balance sheet

Work sheet

Paper sheet

Income statement

Our cheque to Ali & Bros, returned dishonored should be credited to

Choose an answer

Cheque account

Cash account

Bank account

Ali & Bros account

Gross profit equals to

Choose an answer

Net profit minus expenses

Sales minus closing stock

Purchases minus closing stock

Sales minus cost of goods sold

The margin that is available to cover the other expenses for a period and to yield net income is known as

Choose an answer

Net profit

Gross profit

Net sales

Cost of goods sold

Worksheet provides complete information for preparing

Choose an answer

Income statement

Position statement

Financial statement

Bank reconciliation statement

Transportation cost paid for the purchases of Machinery must be debited to

Choose an answer

Transportation cost account

Purchases account

Machinery account

Cash account

Goodwill, patent, copyright and trade mark are

Choose an answer

Wasting assets

Intangible assets

Fictitious assets

Liquid assets

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