11th class Principles of Accounting chapter 1 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 1(Introduction)

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Sr.#	Question	Answer
1	The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:	A. Error of principle B. Errors of omission C. Errors of commission D. Compensating error
2	A dealing between two persons is called a	A. business B. transaction C. purchases D. sales
3	Goods returned by customers are	A. purchases B. purchases returns C. sales returns D. sales
4	Modern system of bookkeeping is	A. single entry system B. double entry system C. modern system D. none of these
5	For every debit, there is a credit	A. going concern concept B. dual aspect concept C. matching concept D. cost concept
6	According to accounting equation, capital is equal to	A. assets + liabilities B. expenses-incomes C. liabilities - assets D. assets - liabilities
7	How many categories of accounts are	A. two B. three C. four D. five
8	All cash purchases and cash sales are recorded in:	A. Sales book B. Purchases book C. Both a & b D. Cash book
9	The effect of drawing on accounting equation is	A. decrease in assets and decrease in liabilities B. increase in both assets & liabilities C. decrease in assets and increase in capital D. none of these
10	The accounts of expenses, incomes, losses and gains	A. real accounts B. valuation accounts C. nominal accounts D. personal accounts