11th Principles of Accounting MCQS Chapter 1

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11th Principles of Accounting MCQS


Accounting records of a business enterprise are required by
outsiders
all of the above
none of the above
management of the business

A bill of exchange contains:
An unconditional order
A request
A conditional order
A promise

The act result of the business activities is shown by:
Balance sheet
Profit and loss account
Profit  and loss appropriation account
Trading account

How many categories of accounts are
four
five
two
three

Ahmad’s account is an example of
personal A/c
none of these
real account
nominal account

An expenditure incurred to the increases the profit earning of the concern is a:
Capital receipt
Current expenditure
Capital expenditure
Revenue expenditure

Expenses paid by a business decrease
cash & capital
capital
none of these
cash

The effect of drawing on accounting equation is
decrease in assets and increase in capital
decrease in assets and decrease in liabilities
increase in both assets & liabilities
none of these

When cash is paid to creditors it will decrease
cash & creditors
debtor
cash
capital

Disagreement in balances may arise owing to mistake or mistakes in the:
Cash book or bank statement
Cash book only
Bank statement
Bank column of the cash book only

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