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

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Principles of accounting Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 A sheet which minimizes the chances of errors to the maximum possible extent is called Balance sheet Work sheet Paper sheet Income statement
2 Expired cost of fixed assets means Appreciation Amortization Depreciation None of these
3 In the preparation of the worksheet the amounts on the trail balance columns are taken directly from Journal Ledger Trail balance Transaction
4 The body of worksheet contains Two pairs of money column Three pairs of money column Four pairs of money column Five pairs of money column
5 Which one of the following is not considered the permanent part of the accounting record? Journal Trail balance Ledger Work sheet
6 Adjusting entries affect Balance sheet Income statement Work sheet All of them
7 One way of avoiding errors in the permanent accounting records is to use a form which is called Bank statement Trail balance Balance sheet Work sheet
8 Worksheet provides complete information for preparing Income statement Position statement Financial statement Bank reconciliation statement
9 Adjusted ______ is used to prepare the income statement and balance sheet Trail balance Ledger Balance sheet Bank statement
10 The ______ is not a part of the permanent accounting record worksheet Journal Ledger Trail balance
11 A ______ is a large columnar sheet of paper Worksheet Balance sheet Journal None of these
12 Worksheet contains ______ pairs of money columns Five Four Three Two
13 In the preparation of worksheet the amounts in the trail balance are taken directly form the ______ Ledger Trail balance Balance sheet None of these
14 ______ must be prepaid for testing ledger accounts, adjusting entries and financial statement Work sheet Balance sheet Bank statement Trail balance
15 Work sheet is also used as a source to prepare ______ Financial statement Income statement Position statement Bank reconciliation statement
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