Financial Accounting ICOM Part 01 Top 500 + MCQS Download Pdf Chapter No 12

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Chapter – 12


Encircle the most appropriate answer from the following:

1.Worksheet provides complete information for preparing:

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

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

3.Adjusting entries affect:

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

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

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

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

7.Expired cost of fixed assets means:

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

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

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

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

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

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