11th class Principles of Accounting chapter 3 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 3(Analysis of Business Transactions and Double Entry System)

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

Sr. #	Questions	Answers Choice
1	Accommodation bills are drawn accepted and endorsed	Without any Consideration for some Consideration for Quarter Consideration none of the above
2	When is a drawee is declared insolvent which account is to be debited in the books of drawer	Deficiency a/c Bad Debts a/c Solvency a/c None of these
3	Retiring a bill under rebate means	Payment of Bill Before Due Date Payment of Bill After due date Discounting of a Bill Dishonouring of a Bill
4	Interest on renewal of a bill is the expense of	Drawer Drawee Holder Endorsee
5	The Legal tenor of a bill is	Sixty Days One Month Eighty Days Ninety Days
6	When a Bill is dishonoured, the holder of the bill goes to an official called	Inspector Notary Public Drawer Manager
7	When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called	Honoured Bill Retired Bill Dishonoured Bill Endorsed Bill
8	When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called	Retirement of Bill Endorsement of a Bill Discounting of a Bill Settlement of a Bill
9	The act of withdrawing a bill of exchange from circulation when it had been paid before the due date	Renewal of a Bill Discounting of a Bill Endorsement of a Bill Retiring of a Bill
10	When a drawee honours his acceptance, he will credit	Capital Account Drawer Account Bill Payable Account Cash Account
11	The person to whom bill is transferred will become	Endorser Creditor Debtor Endorsee
12	A bill from the point of view of a debtor is called	Bill Acceptable Bill Receivable Bill Payable None of these
13	A bill of exchange is a / an	Promise Unconditional Order Request Conditional Order
14	How many parties are involved in case of Discounting of a bill ?	Two Three Four None of these
15	Bank for collection is a	Permanent Account Fixed Account Current Account Temporary Account

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