11th Principles of Accounting MCQS Chapter 11

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11th Principles of Accounting MCQS


The excess of credit column over debit column in income statement is called
Net loss
Net profit
Cash balance
Gross profit

Financial statement is prepared from the amount given in
Cash columns
Adjusted trail balance columns
Adjustments columns
Trail balance columns

______ is prepared to avoid errors in the permanent records of accounting
Work sheet
Ledger
Bank statement
Balance sheet

Adjusting entries affect
Income statement
Work sheet
Balance sheet
All of them

Usually every ______ entry affect both income statement and balance sheet
Work sheet
Balance sheet
Adjusting
Ledger

A sheet which minimizes the chances of errors to the maximum possible extent is called
Balance sheet
Income statement
Work sheet
Paper sheet

Which one of the following in used to simplify work, to be done at the end of period
Balance sheet
Bank statement
Income sheet
Work sheet

Work sheet is also used as a source to prepare ______
Bank reconciliation statement
Income statement
Financial statement
Position statement

In the preparation of worksheet the amounts in the trail balance are taken directly form the ______
Ledger
None of these
Balance sheet
Trail balance

Which one of the following is not considered the permanent part of the accounting record?
Trail balance
Ledger
Journal
Work sheet

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