First Year Principles of Accounting Chapter 6 Online MCQ Test for 1st Year Principles of Accounting Chapter 6 (Accounting for Bills of Exchange)

This online test contains MCQs about following topics:

. Definition . How a bill of exchange works? . How transactions relating to bills of exchange are recorded? . Accounting treatment for bills receivale and bills payable . Discounting of a bill of exchange: Another use of bill . Endorsement . bank for collection . Dishonour of a bill of exchange . Renewal of a bill . Difference between dishonour and renewal of a bill . Bills receivable and bills payable books . Promissory Note . Effect of insolvency

ICOM Part 1 Accounting Ch 6 Test
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Principles of Accounting

MCQ's Test For Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test"

Try The MCQ's Test For Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test"

  • Total Questions15

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Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test

00:00
Question # 1

Receipts, which are non-recurring by nature, are called

Question # 2

A receipt is revenue receipt because

Question # 3

Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect

Question # 4

The outflow of funds to meet the running expenses of a business

Question # 5

Which one of the following is appeared in the balance sheet ?

Question # 6

A receipt is revenue in nature, if it relates to:

Question # 7

If the error committed in the capital account, it will affect

Question # 8

The profit which is earned during the ordinary course of business is regarded as:

Question # 9

The revenue profit should be transferred to:

Question # 10

Premium on issue of shares of a company represents

Question # 11

Raw material destroyed in fire represents

Question # 12

Suspense means

Question # 13

An error completely omitted to be entered in the journal

Question # 14

If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be

Question # 15

Capital contributed by the partners is a:

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11th Principles of Accounting Chapter 6 Test

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ICom Part 1 Principles of Accounting Chapter 6 Important MCQ's

Sr.# Question Answer
1 Goods purchased from Robin have been posted to Rahim account, it is an:
A. Error of omission
B. Error of casting
C. Error of posting
D. Error of commission
2 Wrong allocation of capital and revenue items of expenses represents
A. error of casting
B. error of principle
C. compensation error
D. error of commission
3 Preliminary expenses incurred before the commencement of business
A. revenue expenditure
B. capital expenditure
C. deferred revenue expenditure
D. capital loss
4 Error of posting effects:
A. One account 
B. Two accounts
C. Three accounts
D. Four accounts
5 The revenue profit should be transferred to:
A. Balance sheet
B. Trading account
C. Profit and loss account
D. None of these
6 Capitalized expenditures are shown in
A. trading A/c
B. profit & loss A/c
C. income statement
D. balance sheet
7 Raw material destroyed in fire represents
A. capital loss
B. revenue loss
C. normal loss
D. both b, c
8 If the error committed in the capital account, it will affect
A. trading account
B. profit & loss account
C. trading and profit & loss account
D. balance sheet
9 A transaction has been journalized but posted wrongly in the ledger account, it is an:
A. Error of positing
B. Error of principle
C. Error of omission
D. Error of commission
10 Capital contributed by the partners is a:
A. Revenue receipt
B. Capital receipt
C. Current receipt
D. Deferred receipt

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