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01	Financial Accounting ICOM Mcqs Chapter 01	02	Financial Accounting ICOM Mcqs Chapter 02
03	Financial Accounting ICOM Mcqs Chapter 03	04	Financial Accounting ICOM Mcqs Chapter 04
05	Financial Accounting ICOM Chapter 05	06	Financial Accounting ICOM Chapter 06
07	Financial Accounting ICOM Mcqs Chapter 07	08	Financial Accounting ICOM Mcqs Chapter 08
09	Financial Accounting ICOM Mcqs Chapter 09	10	Financial Accounting ICOM Mcqs Chapter 10
11	Financial Accounting ICOM Mcqs Chapter 11	12	Financial Accounting ICOM Mcqs Chapter 12
13	Financial Accounting ICOM Mcqs Chapter 13	14	Financial Accounting ICOM Mcqs Chapter 14
15	Financial Accounting ICOM Mcqs Chapter 15	16	Financial Accounting ICOM Mcqs Chapter 16

Chapters – 3

 Analysis of Business Transactions & Double Entry System

Encircle the most appropriate answer from the following four answers.

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1  The best system of accounting in the modern world is:

1. No entry system
2. Multiple entry system
3. Single entry system
4. Double entry system

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 2  Discount allowed is:

1. An asset
2. A liability
3. A Revenue
4. An expense

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3Accounts which keep records of properties or things are

1. Nominal accounts
2. Personal accounts
3. Real accounts
4. None of these

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4  Accounts which keep records of expenses, gains and losses are called;

1.  Personal accounts
2. Nominal accounts
3. Real accounts
4. None Of these

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5  Purchase of furniture should be debited to:

1. Cash account .
2. Furniture account
3. Purchase. account
4. Creditors account

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6  Rent salaries and wages paid are:

1. Nominal accounts
2. Real accounts
3. Personal accounts
4. None Of these

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7  The claim of the supplier in the business is called:

1. Expense
2. Revenue
3. Liability
4. Assets

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8  Ahmed’s account is an example of:

1. Personal account
2. Nominal account
3. Real account
4. None of these

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9  How many categories of accounts are:

1. Five
2. Four
3. Three
4. Two

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10 Goods purchased for cash from Babar should be debited to:

1. Goods account
2.  Cash account
3.  Babar account
4. Purchases account

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11  Stationery account is an example of;

1. Loss
2.  Consumable asset
3.  None of these
4. expenses

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12  Discount received from Ali should be debited to:

1. Cash account
2. Discount received account
3. Ali account
4. None Of these

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13 Cash invested in business by Owner will increase

1. cash
2. Capital
3. Liability
4. Both 1 and 2

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14 Discount allowed to Mr A Will be credited to:

1. Cash account
2. Mr A’s Account.
3. None of these
4. Discount allowed account

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15 Cash and personal accounts maintained in

1.  None of these
2. Single entry system
3. Double entry system
4.  Multiple entry system

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 16. Real and Nominal accounts are maintained under:

1. Triple entry system
2.  Single entry system
3. Double entry system
4. .Multiple entry system

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17  Rent paid to the landlord for a portion of b “ld (d) Multiple “my system

1. Building account
2. Landlord account
3.  Rent account
4. Cash account

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18  Purchased goods on credit increases the:

1. Debtors
2. Customers
3. Creditors
4. None of these

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19, Purchased furniture on account will be credited to:

1. Furniture account
2. Creditor account
3.  Purchased account
4. Cash account

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20, All expenses and losses should be debited and all gains should be credited“ is applied to:

1. Real Accounts
2. Nominal Accounts
3. Personal Accounts
4. None of these

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21. Assets coming in should be debited and going out should be credited is applied to:

1. Personal Accounts
2.  Real Accounts
3. Nominal Accounts ‘
4. 1 and 2 Accounts

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22   A person who receives the benefit should be debited and who gives the benefit should be credited is applied to:

1. Personal Accounts
2. Real Accounts
3. Nominal Accounts
4. 1 and 2 account

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23  debit the increase

1.  Assets, Revenue
2. Assets, Expenses
3. Assets, Liabilities
4.  Assets, Capital

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24  Credit the increase in

1. Expenses, Capital and Liabilities
2.  Assets, Expenses
3. Revenue, Capital and Liability
4. Assets, Capital andLiabilities

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25. Debit the decrease in:

1. Revenue, Capital and Liabilities
2. Expenses, Capital and Liabilities,
3. c) Assets. Capital and Liabilities
4. Assets. Expenses

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Credit the decrease in:

1. Revenue and Liabilities
2. Asset and Expenses\
3. Expenses and Liabilities
4. Assets and Liabilities

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27. Sold merchandise on Credit to Ali Rs.7000 involves

1. Real and Real accounts ,
2. Nominal and Personal accounts
3. Nominal and Real accounts
4.  Real and Personal accounts;

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28- Invested Rs.2. 00.000 Cash, Building Rs.7500 furniture rs 25000

1. Real and Nominal accounts
2. Real and Personal accounts .
3. Personal and Nominal accounts
4. Real accounts

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29. Purchased Goods for Cash Rs.50000 subject to 10% trade discount involves:

1.  Real and Personal accounts
2. Real and Nominal accounts
3. Personal and Nominal accounts
4.  Nominal accounts
   

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30. Withdrew Cash for personal use Rs.300 involves: , – ,_

1.  Real and Proprietorship account
2. Proprietorship and Personal account
3. nominal account and real account
4. Nominal and Personal accounts

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31. Discount received is a:

1. Revenue
2. Liability
3.  Expense
4. Asset

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32. A summary of transactions relating to a person or thing: ,

1. Book-keeping
2. Accountancy
3. Accounting
4. Accoun

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