Question # 1

Which cash is paid or received in an exchange the transaction is called:

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Sale transaction

Cash transaction

Credit transaction

None of the above

At the time of drawing a bill the drawer credits:

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Debtors account

Creditors account

bill receivable account

Suppliers account

The concept of conservation will have the effect of:

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Understatement of assets

Under statement of liabilities

Overstatement of assets

None of the above

A bill of exchange is a / an

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Promise

Unconditional Order

Request

Conditional Order

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

Nominal account are related to:

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Assets and liabilities

Expenses, losses and incomes

Customers, creditors etc

Capital account

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

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

The person to whom bill is transferred will become

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Endorser

Creditor

Debtor

Endorsee

Accommodation bills are drawn accepted and endorsed

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Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

The transaction for which non separate book is maintained are recorded in:

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Journal proper

Bills receivable book

Bills payable book

Cash book

Interest on renewal of a bill is the expense of

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Drawer

Drawee

Holder

Endorsee

All those expenses which are incurred to convert raw-materials into finished goods are called:

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Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

Real accounts are related to:

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Assets

Expenses, losses and incomes

Customers, creditors

Incomes

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

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

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