Principles of Accounting Icom Part 2 English Medium Online Test With Answers

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Principles of Accounting Icom Part 2 English Medium Online Test

Sr. # Questions Answers Choice
1 Income and expenditure account is equivalent to the. Receipt and payment account Balance sheet Cash book Profit and loss account
2 Receipt and payment account is prepared at the. Start of the year End of the year Mid of the financeial year None of these
3 Receipt and payment account starts with the. Opening balance Ending balance Beginning or ending balance None of these
4 Income and expenditure account is debited with all. Expenses Incomes Liabilities Assets
5 Income and expenditure account is credited with all. Expenses Incomes Assets Liabilities
6 The Receipt and payment account is the summery of the Cash book Balance sheet Trqail balance Proft and loss account
7 The income and expenditure account performs the same function as. Trading and profit and loss account Manafactureng account Balance sheet None of these
8 Non- trading concern prepare. Profit and loss account Income and expenditure account Manufactureing account None of these
9 Subscription Received in advance is. An income An assets Liability An expenditure
10 If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as. Surplus Deficit Assets Liabilities
11 If the credit side of the income oand expenditur eaccount is greater it is termed as. Deficit Surplus Asset Liability
12 Income and expenditure account shows. Surplus or deficit Not profit or net loss Capital account Cash in hand
13 At the end of the year non trading institutions prepare. Profit and loss account Income and expenditure account Manufacturing account None of the above
14 Surplus balance cna be shown in the balnce sheet as. Asset Liability Owner's equity None of these
15 If the debit side of the recipt and payment account exceeds the credit side it represents. Bank over draft Cash at bank Surplus balnce Deficit balance
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