PU COM 2026 Double Entry System Free Quiz 1

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PU COM 2026 Double Entry System Free Quiz 1

PU COM Quiz

10:00

Answered: 0 / 10

Remaining: 10

Navigator 10 Q

General

General 10 MCQs

1. What is the double entry system?

A. Two effects (debit and credit) B. One effect C. No effect D. Three effects

2. What are the rules of debit and credit?

A. Assets increase on credit B. Assets increase on debit, liabilities increase on credit C. Liabilities increase on debit D. Equity increase on debit

3. What records the debit and credit effects of a transaction?

A. Ledger posting B. Trial balance C. Journal entry D. Financial statement

4. What are source documents?

A. Ledgers B. Journals C. Trial balances D. Invoices, receipts, vouchers

5. What is the process of transferring journal entries to the ledger?

A. Posting B. Journalizing C. Balancing D. Closing

6. What is a trial balance?

A. Journal B. Trial balance C. Ledger D. Balance sheet

7. What is the purpose of a trial balance?

A. Prepare financial statements B. Record transactions C. Verify debits equal credits D. Close accounts

8. What is the journal entry for purchasing goods on credit?

A. Debit Creditors, Credit Purchases B. Debit Cash, Credit Purchases C. Debit Purchases, Credit Cash D. Debit Purchases, Credit Creditors

9. What is true about the accounting equation after each transaction?

A. Must always balance B. May not balance C. Balances only at year-end D. Balances only after closing

10. What is a ledger account?

A. Journal B. Ledger account C. Trial balance D. Financial statement

📋 PU COM - Test Online Practice Quizzes

Punjab University Entry Test PU-COM

Conducting Body: University of The Punjab (PU)

Frequency: Bi-Annual | Time: 80 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 100 MCQs):

English: 20 MCQs
Accounting: 20 MCQs
Economics: 20 MCQs
Quantitative Reasoning: 20 MCQs

Merit Formula: Merit Formula: Intermediat 50% Matric 25% PU M Entry Test 25%

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