PPSC FPSC Commerce Solved MCQs Practice Test 14

1- A trial balance is:

A). A balance sheet

B). A rough draft of the final Accounts

C). A list of the balances in the ledger✔️

D). None of the above

2- The ledger is the book for the:

A). First entry

B). Second entry✔️

C). Third entry

D). Fourth entry

3- The ledger is the book for the:

A). Chronological record

B). Daily record

C). Analytical record✔️

D). None of the above

4- In case, the trial balance is not prepared, it will be almost impossible to prepare:

A). The journal

B). The ledger

C). The financial statements✔️

D). None of the above

5- The ruling of a trial balance is similar to that of:

A). A journal✔️

B). A ledger

C). A balance sheet

D). None of the above

6- Cash sales to Mr. Ali will be posted to credit side of:

A). Mr. AH account

B). Account

C). Sales account✔️

D). None of the above

7- Salary paid in cash to Rahta will be posted to salary account on the:

A). Credit side

B). Debit Side✔️

C). Both sides

D). None of the above

8- Building purchased for cash will be posted to building account on the:

A). Debit Side✔️

B). Credit side

C). Both sides

D). None of the above

9-  Cash purchased from Khalid will be posted to debit Side of:

A). Cash A/c

B). Sale A/c

C). Purchase A/c✔️

D). Expense A/c

10- The person to whom we are indebted is:

A). Debtor

B). Creditor✔️

C). Employee

D). Agent

11- The person who is indebted to us is ours:

A). Debtor✔️

B). Creditor

C). Owner

D). Agent

12- The amount with which a business is started is called:

A). Capital✔️

B). Loan

C). Profit

D). Investment

13- The left hand side of Account is called:

A). Credit side

B). Debit Side✔️

C). Both credit and debit Sides

D). None of the above

14- The right hand side of an Account is called:

A). Debit Side

B). Credit side✔️

C). Both debit and credit sides

D). None of the above

15- Transactions relating to income- Expenditure and profit- loss are recorded in:

A). Real Account

B). Nominal Account✔️

C). Personal Account

D). Capital Account

16- Transactions relating to persons or institutions:

A). Real Account

B). Nominal Account

C). Personal Account✔️

D). None of the above

17- Transactions relating to properties or assets are recorded in:

A). Real Account✔️

B). Nominal Account

C). Personal Account

D). None of the above

18- The difference of the totals of the two sides of an account is called:

A). Brought forward✔️

B). Carry forward

C). Balance

D). None of the above

19- The arithmetical accuracy of books of account is verified through:

A). Journal

B). Ledger

C). Trial Balance✔️

D). None of the above

20- Cash transactions, are recorded in:

A). Creditor’s

B). Debtor’s book

C). Cash book✔️

D). None of the above

21- Transactions are primarily recorded in:

A). Journal✔️

B). Ledger

C). Trial Balance

D). Balance sheet

22- Transactions are finally recorded in:

A). Journal

B). Ledger✔️

C). Trial Balance

D). None of the above

23- Journal is called:

A). Book of original entry✔️

B). Book of final entry

C). Book of single entry

D). None of the above

24- Ledger is called:

A). Book of original entry

B). Book of final entry✔️

C). Book of compound entry

D). None of the above

25- The word “By ” is used with an account while making posting on:

A). Debit Side of an account

B). Credit side of an account✔️

C). Both sides of an account

D). None of the above

Useful Links:-

Lecturer Commerce Online Tests

One Paper MCQs for PPSC FPSC KKPSC BPSC SPSC AJKPSC NTS

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