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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ICOM Part 1 Urdu Medium Subjects

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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

  • Time Allowed20

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

00:00
Question # 1

The revenue profit should be transferred to:

Question # 2

Capital contributed by the partners is a:

Question # 3

Error of posting effects:

Question # 4

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

Question # 5

Any expenditure incurred to increase the earning capacity of a business

Question # 6

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

Question # 7

An error completely omitted to be entered in the journal

Question # 8

Premium on issue of shares of a company represents

Question # 9

The capital profit should be transferred to:

Question # 10

The process of totaling the data at the end of the period is called

Question # 11

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

Question # 12

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

Question # 13

A credit sale was wrongly passed through purchases book, the rectification of the entry will:

Question # 14

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

Question # 15

Raw material destroyed in fire represents

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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 Unearned income are known as:
A. Incomes
B. Expenses
C. Liabilities
D. Assets
2 Receipts, which are non-recurring by nature, are called
A. revenue receipts
B. current receipts
C. capital receipts
D. capital profit
3 The process of totaling the data at the end of the period is called
A. posting
B. casting
C. compensating
D. recording
4 Premium on issue of shares of a company represents
A. capital loss
B. capital profit
C. capital payment
D. none of these
5 A receipt is revenue receipt because
A. the amount is small
B. it relates to routine activity of business
C. it is received in the accounting year
D. both b, c
6 Bad debts are
A. deferred expenditure
B. revenue expenditure
C. capital expenditure
D. none of these
7 Error of principle involves an incorrect allocation of expenditure or receipt between.
A. Capital and revenue
B. Capital and capitalized
C. Revenue and deferred revenue
D. Revenue and revenue
8 Capital contributed by the partners is a:
A. Revenue receipt
B. Capital receipt
C. Current receipt
D. Deferred receipt
9 Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:
A. Assets account
B. Expenses account
C. Cash account
D. Purchases account
10 The revenue profit should be transferred to:
A. Balance sheet
B. Trading account
C. Profit and loss account
D. None of these

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