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Online Tests
Principles of accounting Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Which one of the following is appeared in the balance sheet
Choose an answer
Revenue expenditure
Capital expenditure
Deferred expenditure
Both b & c
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Question # 2
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
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Question # 3
The system of recording transaction based on dual concept is called
Choose an answer
Double account system
Double entry system
Single entry system
Management system
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Question # 4
A gradual decrease in the value of fixed assets is called
Choose an answer
Reduction
Revaluation
Deprecation
None of these
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Question # 5
Net sales are equal to sales minus
Choose an answer
Returns inwards
Returns outwards
Cost of goods sold
carriage on sales
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Question # 6
Bad debts are business
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Expenses
Liabilities
Assets
Revenue
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Question # 7
Rent account' is a kind of:
Choose an answer
Real account
Personal account
Nominal account
Capital account
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Question # 8
The cash book is a
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Subsidiary Journal
Ledger Account
Subsidiary Journal and Ledger
Trial Balance
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Question # 9
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
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Question # 10
A table lost by fire should be debited to
Choose an answer
Table a/c
Furniture a/c
Loss by Fire a/c
Purchases a/c
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Question # 11
Net profit is always
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Equal to gross profit
More than gross profit
Less than gross profit
None of these
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Question # 12
Contain all residual account
Choose an answer
Debtors Ledger
Creditors Ledger
General Ledger
Cash Ledger
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Question # 13
Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to
Choose an answer
Cash account
Discount allowed account
Bank account
Both a & b
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Question # 14
All the transactions recorded to credit sales are recorded in:
Choose an answer
Sale return book
Sales book
Cash book
Debtor's book
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Question # 15
Outstanding expense given in adjustment is called
Choose an answer
An asset
A gain
An expense
A liability
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Question # 16
The time after which the bill is to be paid
Choose an answer
Grace Days
Tenor
Due Date
Extra Days
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