12th Class ICom Part 2 Principles of Accounting Chapter Wise Online MCQ Test with answers PDF English Medium

Principles of Accounting Icom Part 2 English Medium Online Test

Sr. #	Questions	Answers Choice
1	Receipt and payment account includes.	Revenue items Capital items Both capital and Revenue items None of the above
2	The main sources of income of for on -trading concern is.	Subscriptions Donations Sales Dividends on investment
3	the activities of non -trading concern are managed by the.	Directors Member governing body Promoters
4	We cannot prepare the trial balance and precise balance sheet under,	Single entry system Double entry system "a" and "b" Barter system
5	In increased net worth method, profit or loss is calculated by preparing,	Income and expenditure account Profit and loss account Statement of profit or loss Balance sheet
6	Both aspects of a transaction must be recorded in,	Single entry system Barter system Double entry system Islamic system
7	In income and expenditure account	Expense are recorded on debit side Revenues are recorded on credit side Does not start with any opening balance All of the above
8	All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to	Single entry system Double entry system Treble entry system "a" and "b"
9	Income and expenditure account shows	Cash in hand Surplus or deficit Cash at bank Capital account
10	Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's	Trading and profit and loss account Balance sheet Bank account Petty cash book
11	Non-profit seeking organizations prepare	Manufacturing account Trading account Income and expenditure account Profit and loss account
12	Income and expenditure account records the transactions of	Revenue nature Capital nature Revenue and capital nature None of the these
13	It is prepared by non-profit making organizations to determine surplus or deficit	Trading account Profit and loss account Receipts and payments account Income and expenditure account
14	In non-profit making organization final accounts contains	Income and expenditure account and balance sheet Receipts and payments account and balance sheet Receipts and payments account and statement of affairs Profit and loss account and balance sheet
15	In cash book	Each entry is followed by narration Ledger reference is recorded Each transaction is recorded in chronological order All of the above

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