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Online Tests
Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
Which cash is paid or received in an exchange the transaction is called:
Choose an answer
Sale transaction
Cash transaction
Credit transaction
None of the above
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Question # 2
At the time of drawing a bill the drawer credits:
Choose an answer
Debtors account
Creditors account
bill receivable account
Suppliers account
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Question # 3
The concept of conservation will have the effect of:
Choose an answer
Understatement of assets
Under statement of liabilities
Overstatement of assets
None of the above
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Question # 4
A bill of exchange is a / an
Choose an answer
Promise
Unconditional Order
Request
Conditional Order
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Question # 5
When a bill is discharged the acceptor debits:
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Creditors account
Cash account
Bill payable account
Bill receivable account
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Question # 6
Nominal account are related to:
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Assets and liabilities
Expenses, losses and incomes
Customers, creditors etc
Capital account
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Question # 7
Subsidiary books are called the book of:
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Original entry
Secondary entry
Temporary entry
Basic entry
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Question # 8
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date
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Renewal of a Bill
Discounting of a Bill
Endorsement of a Bill
Retiring of a Bill
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Question # 9
The person to whom bill is transferred will become
Choose an answer
Endorser
Creditor
Debtor
Endorsee
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Question # 10
Accommodation bills are drawn accepted and endorsed
Choose an answer
Without any Consideration
for some Consideration
for Quarter Consideration
none of the above
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Question # 11
The transaction for which non separate book is maintained are recorded in:
Choose an answer
Journal proper
Bills receivable book
Bills payable book
Cash book
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Question # 12
Interest on renewal of a bill is the expense of
Choose an answer
Drawer
Drawee
Holder
Endorsee
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Question # 13
All those expenses which are incurred to convert raw-materials into finished goods are called:
Choose an answer
Direct expenses
Indirect expenses
Administrative expenses
Sales expenses
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Question # 14
Real accounts are related to:
Choose an answer
Assets
Expenses, losses and incomes
Customers, creditors
Incomes
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Question # 15
A Journal is generally kept on:
Choose an answer
A columnar basis
A row basis
A single line basis
Vertical basis
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