Question # 1

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

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Asset side

Asset and liability side

Asset and capital side

Capital and liability side

Goodwill, patent, copyright and trade mark are

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Wasting assets

Intangible assets

Fictitious assets

Liquid assets

The expenses which are incurred for the generation of revenues from the sales of goods are called

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Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

Book used to record petty expenses and receipts

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Single Column Cash Book

Petty Cash Book

Double Column Cash Book

Treble Column Cash Book

If any expense omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

No effect on profit

The person to whom a bill is addressed is the:

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Debtor

Creditor

Holder

Agent

The concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

The statement which contains the explanation of different in cash book and bank statement is known as:

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Bank statement

Cash statement

Balance statement

Bank reconciliation statement

Capitalized expenditures are shown in

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trading A/c

profit & loss A/c

income statement

balance sheet

From business point of view, interest on capital is considered as

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An income

An Expense

A Profit

A Liability

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

An expenditure which is incurred again and again is a:

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Capital expenditure

Future expenditure

Deferred expenditure

Revenue expenditure

A credit sale was wrongly passed through purchases book, the rectification of the entry will:

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Increase the net profit by, double amount

Decrease the net profit

Decrease the net profit by double amount

Have no effect on the net profit

Worksheet contains ______ pairs of money columns

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Five

Four

Three

Two

The excess of credit column over debit column in income statement is called

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Net loss

Net profit

Cash balance

Gross profit

The const concept applied only to the assets and not to:

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Expenses

Liabilities

Incomes

None of these

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

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