Commerce MCQ for PPSC FPSC KKPSC BPSC SPSC Practice Test 12

1- The specimen ruling of a journal is divided into:

A). Three columns

B). Five columns✔️

C). Six columns

D). Two columns

2- In form of journal, the first column represents:

A). Ledger folio (L.F)

B). Date✔️

C). Amount

D). Debit

3- The particular column in journal form is the column for:

A). Account title and description✔️

B). Account title and date

C). Amount

D). Date

4- Accounting and journalizing rule, the page numbers of the ledger where the two concerned accounts have been posted are written in:

A). The first column of journal form

B). The second column of journal form

C). The third column of journal form✔️

D). The fourth column of journal form

5- Recording a transaction in the appropriate place of the concerned book of account is called:

A). An accounting record

B). A statement

C). An entry✔️

D). None of the above

6- A short explanation of each transaction is written under each entry which is called:

A). Narration✔️

B). Original entry

C). Subsidiary entry

D). Memorandum entry

7- The complete story of a transaction in one entry is shown by:

A). Voucher book

B). Journal✔️

C). Document

D). Day book

8- Any mistake in ledger can be easily detected with the help of:

A). Journal✔️

B). Balance sheet

C). Trial Balance

D). Financial statement

9- The entry in which more than one account is debited or more than one account is credited is known as:

A). Single entry

B). Compound entry✔️

C). Memorandum entry

D). None of the above

10- The money with which proprietor starts his business, is called:

A). Investment

B). Capital✔️

C). Cash

D). Loan

11- When proprietor brings capital in the business it is recorded m:

A). Capital a/c✔️

B). Proprietor a/c

C). Creditors a/c

D). Debtors a/c

12- Any cash or goods taken away by the proprietor for his personal use are call his:

A). Capital

B). Drawings✔️

C). Income

D). Expense

13- When goods are given away as charity or free samples, the purchases a/c should be:

A). Debited

B). Credited✔️

C). Recorded in balance sheet

D). None of the above

14- When goods are lost by fire or by theft or an accident, ‘ purchases a/c should be:

A). Credited✔️

B). Debited

C). Both of these

D). None of the above

15- Left side of asset account is for:

A). Recording decreases

B). Recording increases✔️

C). Recording the correction of errors

D). None of the above

16-Right side of an asset account is for:

A). Recording decreases✔️

B). Recording increases

C). Both A & B

D). None of the above

17- A business transaction affects:

A). At least one account

B). At least two accounts✔️

C). Maximum of three accounts

D). None of the above

18- Loss of goods by fire should be credited to:

A). Purchases a/c✔️

B). Sales a/c

C). Loss by goods by fire a/c

D). Capital a/c

19- Sales of goods to X for cash should be debited to:

A). Purchases

B). Cash✔️

C). Sales

D). Drawings a/c

20- A payment of rupees five hundred to Saeed Transporters for bringing a machine to our factory should be debited to:

A). Saeed Transporters

B). Machine a/c✔️

C). Cash a/c

D). Carriage

21- Rupees 500, with drawn by the owner for his private use should be credited to:

A). Owner’s drawings a/c

B). Expenses a/c

C). Cash a/c

D). Capital a/c✔️

22- Wages of workmen employed for setting up new machinery should be debited to:

A). Expenses a/c

B). Wages a/c

C). Machinery a/c✔️

D). Salaries a/c

23- Rs.10 received from Ali whose account was previously written off as bad debt should be credited to:

A). Ali’s account

B). Bad debts account✔️

C). Creditors a/c

D). None of the above

24- A purchase of furniture for cash should be debited to:

A). Cash account

B). Furniture account✔️

C). Purchases account

D). Fixture account

25-A with draw of cash from the business by proprietor should be debited to:

A). Cash account

B). Drawings account✔️

C). Capital account

D). Expense account

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