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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

Chapter – 12

Worksheet

Encircle the most appropriate answer from the following:

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1.Worksheet provides complete information for preparing:

1. Income Statement
2. Financial Statement
3. Position Statement
4. Bank Reconciliation Statement

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2.One way of avoiding errors in the permanent accounting records is to use a form which is

1. Bank Statement.
2. Trial Balance
3. Balance Sheet
4. Worksheet

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3.Adjusting entries affect:

1. Balance sheet
2. Worksheet
3. Income statement
4. Both 1,2,3

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4.Which one of the following is not considered the permanent part of the accounting record?

1. Journal
2. Trial Balance
3. Worksheet
4. Ledger

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5.The body of worksheet contains:

1. Two pairs of money columns.
2. Four pairs of money column
3. Three pairs of money column
4. Five pairs of money column

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6.In the preparation of the worksheet the amounts in the trial balance columns are taken directly from :

1. Journal
2. Trial Balance
3. Ledger
4. Transaction

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7.Expired cost of fixed assets means:

1. Appreciation
2. Depreciation
3. Amortisation
4. None of these

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8.A sheet which minimizes the chances of errors to the maximum possible extent is called:

1. Balance sheet
2. Paper sheet
3. Worksheet
4. Income statement

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9.Which one of the following is used to simplify work, to be done at the end of period.

1. Worksheet
2. Income statement
3. Balance sheet
4. Bank Statement

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10.Financial statement is prepared from the amount given in:

1. Adjustments columns
2. Trial Balance columns
3. Adjusted trial balance columns.
4. Cash column

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11.The amount of assets, liabilities, capital and drawings are extended from adjusted trial balance to the:

1. Cash columns
2. Income statement columns
3. Balance sheet columns
4. Bank columns

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12.Excess of credit column over debit column in income statement is called:

1. Net loss
2. Cash balance
3. Net profit
4. Gross profit

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