Question # 1

Transaction, having short-term effects are known as

Choose an answer

Revenue transaction

Capital transaction

Non-monetary transaction

Paper transaction

The revenue profit should be transferred to:

Choose an answer

Balance sheet

Trading account

Profit and loss account

None of these

Errors of affect one account can be

Choose an answer

Errors of principle

Errors of posting

Errors of omission

None of these

An expenditure, which is temporarily increase the profit making capacity of the business is called

Choose an answer

Deferred expenditure

Capital expenditure

Revenue expenditure

Non-recurring expenditure

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

Choose an answer

Error of principle

Errors of omission

Errors of commission

Compensating error

Book-keeping is mainly concerned with:

Choose an answer

Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

If amount for Rs. 554 recovered from Ali, previously written off as bad debts we should

Choose an answer

Debited to bad debts recovered account

Credited to Ali account

Debited to bad debts account

Credited to bad debts recovered account

Which one of the following is a direct expense?

Choose an answer

Packing expense

Advertisement expense

Manufacturing expense

Traveling expense

One way of avoiding errors in the permanent accounting records is to use a form which is called

Choose an answer

Bank statement

Trail balance

Balance sheet

Work sheet

The valuation of closing stock is at

Choose an answer

Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

The price of goods sold or services rendered to the customers is called

Choose an answer

Sale

Profit

Expense

Revenue

A sale of Rs. 1000 to Farid, was credited to his account, it will affect

Choose an answer

Sales account

Farid account

Cash account

Both a & b

Any mistake in ledger can be easily detected with the help of:

Choose an answer

Journal

Balance sheet

Trial balance

Financial statement

Bookkeeping provides the

Choose an answer

primary information

secondary information

final information

insufficient information

Income tax paid is a

Choose an answer

Business expense

Revenue for business

Liability of business

Personal expense

Bad debts are

Choose an answer

Deferred expenditure

Revenue expenditure

Capital expenditure

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