11th Principles of Accounting MCQS Chapter 1

Cash paid to Naeem will affect

cash and debtors

cash & goods

cash & creditor

cash & capital

Error due to wrong allocation as expenditure between capital and revenue is regarded as:

Error of Commission

Error of principle 

Compensating errors

Error of omission

Double entry means

recording twice in journal

entry at two dates

entry in two sets of books

entry for two aspects of a transaction

A copy of the customer’s account in the bank’s ledger is called: 

Balance statement

Deposit statement

Bank statement

Customer

The system of recording transaction based on dual concept is called

Management system

Double account system

Double entry system

Single entry system

Purchased goods on credit and for cash will affect

cash & creditors

cash & goods

cash creditors & owner’s equity

cash goods and creditors

Accounts relating to persons of firms are called:

Personal accounts

Real accounts

Proprietary accounts

Nominal accounts

Accounting principles can be classified in

two types

five types

six types

three types

The recording of transaction chronologically in the book  of accounts is called:

Classifying

Summarizing

Recording

None of above

Which of the following discloses the financial position of the business:

Balance sheet

Profit and loss appropriation account

Trading account

Profit and loss account