First Year Principles of Accounting Chapter 3 Online MCQ Test for 1st Year Principles of Accounting Chapter 3 (Analysis of Business Transactions and Double Entry System)

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11th Principles of Accounting Chapter 3 Test

This online test contains MCQs about following topics:

Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test

Try the Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test.

  • Total Questions15

  • Time Allowed20

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Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test

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Question # 1

Subsidiary books are called the book of:

Question # 2

A bill of exchange is a method of payment on

Question # 3

When a drawer discounts a bill, he debits

Question # 4

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

Question # 5

The concept of conservation will have the effect of:

Question # 6

The time after which the bill is to be paid

Question # 7

The act of withdrawing a bill of exchange from circulation when it had been paid before the due date

Question # 8

Interest on renewal of a bill is the expense of 

Question # 9

A many buy  Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:

Question # 10

When is a drawee is declared insolvent which account is to be debited in the books of drawer

Question # 11

Real accounts are related to:

Question # 12

How many parties are involved in case of Discounting of a bill ?

Question # 13

A bill which is both drawn and payable within the geographical boundaries of a country

Question # 14

A Journal is generally kept on:

Question # 15

Narration is always written:

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Prepare All Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers


. Need and importance if accounting . Analysis of transactiions . Double entry system . Advantages of double entry system . SIngle entry system . Distinction between double entry system and single entry system . What is an account? . Classification of account . Rules for debiting and crediting . Explanation of rules

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