11th Principles of Accounting MCQS Chapter 1

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11th Principles of Accounting MCQS


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

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