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	Due to drawings made during the year, the closing capital will,	Increase Decrease Constant Multiply
2	Due to fresh capital introduced during the year, the closing capital will,	Increase Decrease Constant Multiply
3	Closing capital in single entry system is calculated by preparing,	Opening statement of affairs Closing statement of affairs Opening balance sheet Closing balance sheet
4	Opening capital is calculated by taking the difference between,	Opening assets and closing assets Opening assets and closing liabilities Opening assets and Opening liabilities Closing assets and closing liabilities
5	To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,	Balance sheet Trading account Trial balance Statement of affairs
6	Net worth is equal to,	Assets - Liabilities Liabilities - Assets Liabilities + Capital Capital + Assets
7	How many methods are available to calculate the profit or loss under single entry system,	One Two Three Four
8	In single entry system real accounts are not maintained so the preparation of,	Correctly Effectively Wrongly Approximately
9	In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,	Debtors account Creditors account Trial balance Statement of affairs
10	In single entry system ledger contains the accounts of,	Debtors, creditors and cash Wages and carriage Salaries and insurance Assets and liabilities
11	In single entry system,	Personal accounts are maintained Real accounts are maintained Nominal accounts are maintained None of the above
12	Single entry system contains,	A daybook or general journal A cash book Ledger accounts for individual customers and creditors All of the above
13	Single entry system is generally adopted by,	Small business concerns Large business concerns Medium business concerns All of the above
14	Under single entry system sometimes,	Double aspects of a transaction are recorded Single aspect of a transaction is recorded No aspect of a transaction is recorded All of the above
15	Double entry system means	The recording of same things twice Double accounting The two sides of every transaction are recorded Entry at two dates

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