Question # 1

Which one of the following is appeared in the balance sheet

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Revenue expenditure

Capital expenditure

Deferred expenditure

Both b & c

How many columns are drawn on one side of three column cash book ?

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Five Columns

Six Columns

Seven Columns

Eight Columns

The system of recording transaction based on dual concept is called

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Double account system

Double entry system

Single entry system

Management system

A gradual decrease in the value of fixed assets is called

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Reduction

Revaluation

Deprecation

None of these

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

Bad debts are business

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Expenses

Liabilities

Assets

Revenue

Rent account' is a kind of:

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Real account

Personal account

Nominal account

Capital account

The cash book is a

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Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

An Entry which is recorded on the both sides of cash book is called

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Simple Entry

Compound Entry

Combined Entry

Contra Entry

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to

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Cash account

Discount allowed account

Bank account

Both a & b

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

Outstanding expense given in adjustment is called

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An asset

A gain

An expense

A liability

The time after which the bill is to be paid

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Grace Days

Tenor

Due Date

Extra Days

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Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers

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