Question # 1

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

Choose an answer

Five Columns

Six Columns

Seven Columns

Eight Columns

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

Which of the following discloses the financial position of the business:

Choose an answer

Trading account

Profit and loss account

Profit and loss appropriation account

Balance sheet

.If the error committed in the capital account, it will affect

Choose an answer

Trading account

Profit and loss account

Trading and profit and loss account

Balance sheet

Record of business transaction in the journal is called

Choose an answer

Detail

Summary

Narration

Entry

Personal account are related to:

Choose an answer

Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

A bank reconciliation statement is prepared by:

Choose an answer

banker

Accountant of the business

Statutory auditors

Rigistar

The debts, the recovery of which is uncertain are called

Choose an answer

Unbelievable debts

unrealized debts

doubtful debts

both b and c

The periodical total of purchases returns book is posted to

Choose an answer

Debit of returns outwards account

Credit of returns inwards account

Debit of returns inwards accounts

Credit of returns outwards account

Office rent is a

Choose an answer

Financial Expense

Abnormal Loss

Management Expense

Maintenance Expense

Which one of the following is a direct expense?

Choose an answer

Custom duty

Carriage

Wages

All of above

The book which is used to record all goods returned by us to our supplier is called

Choose an answer

Returns inwards book

Purchases book

Return outwards book

Sales book

An error completely omitted to be entered in the journal

Choose an answer

partial error

error of posting

error of casting

complete error

A bill of exchange contains:

Choose an answer

An unconditional order

A promise

A request

A conditional order

The favorable balance of cash book bank column is

Choose an answer

Credit balance

Debit balance

Both debit and credit balance

None of these

Net profit is always

Choose an answer

Equal to gross profit

more than gross profit

Less than gross profit

None of these

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