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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