Question # 1

Personal account are related to:

Choose an answer

Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

______ is prepared to avoid errors in the permanent records of accounting

Choose an answer

Work sheet

Ledger

Bank statement

Balance sheet

Credit Balance of pass book must be equal to debit balance of

Choose an answer

Cash Book

Bank Ledger

Clients other Account

None of these

The periodical total of purchases book is posted to the

Choose an answer

Debit of purchases account

Credit of purchases account

Credit of cash account

Debit of sales account

Provision for the doubtful debts is debited to

Choose an answer

Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

Capitalized expenditure are shown in

Choose an answer

Trading a/c

Profit or loss a/c

Income statement

Balance sheet

Error which affects profit and loss account relates to

Choose an answer

Nominal account

Property account

Personal account

None of these

Which of the following normally has a credit balance

Choose an answer

Machinery a/c

Purchases a/c

Stock a/c

Sales a/c

When ban column of a cash book shows a debit balance it means:

Choose an answer

Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

A Ledger is a book in which

Choose an answer

Only Personal & Cash Accounts are Opened

Only Real Accounts are Opened

Only Nominal Accounts are Opened

All Real, Nominal and Personal Accounts are Opened

Capitalized expenditures are shown in

Choose an answer

trading A/c

profit & loss A/c

income statement

balance sheet

The debts, the recovery of which is uncertain are called

Choose an answer

Unbelievable debts

unrealized debts

doubtful debts

both b and c

Retiring a bill under rebate means

Choose an answer

Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

Contra Refers to

Choose an answer

Same Side

Parallel Side

Opposite Side

None of these

If the balance of suspense account is credit then it will be shown in balance sheet on

Choose an answer

Asset side

Asset and liability side

Asset and capital side

Capital and liability side

Error of carry forward will affect

Choose an answer

Personal accounts

Nominal accounts

Impersonal accounts

None of these

Profit or loss appropriation account is not prepared in the case of

Choose an answer

Partnership

Joint stock company

Sole tradership

Partnership at will

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

The gross amount of goods sold or services performed during an accounting period is known as

Choose an answer

Purchase

Sale

Gross profit

Net profit

The cash book is a book of

Choose an answer

Compound entry

Original entry

Final entry

Simple entry

A balance sheet is a

Choose an answer

Statement of income and expenditure

Statement of debtors and creditors

Financial statement of a business on a particular date

Statement of profit earned by a busniess

The bad debts which are showed in the trial balance are called

Choose an answer

new bad debts

old bad debts

further bad debts

additional bad debts

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer