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
Start Accounting Ch 6 Test
ic

ICOM Part 1 English Medium Subjects

icon
Principles of Accounting
icon
Principles of Economics
icon
Principles of Commerce
icon
English
icon
Islamiat
icon
Business Mathematics
icon
Urdu

ICOM Part 1 Urdu Medium Subjects

icon
Urdu
icon
Business Mathematics
icon
Islamiat
icon
English
icon
Principles of Commerce
icon
Principles of Economics
icon
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

Start Test Download PDF

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

00:00
Question # 1

Premium on issue of shares of a company represents

Question # 2

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

Question # 3

Receipts which are non-recurring by nature:

Question # 4

A transaction has been journalized but posted wrongly in the ledger account, it is an:

Question # 5

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

Question # 6

Wrong allocation of capital and revenue items of expenses represents

Question # 7

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

Question # 8

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

Question # 9

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

Question # 10

Errors which affect one account can be

Question # 11

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

Question # 12

Any expenditure incurred to increase the earning capacity of a business

Question # 13

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

Question # 14

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

Question # 15

The revenue profit should be transferred to:

Submit

Prepare Complete Set Wise Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test" MCQs Online With Answers


Topic Test

00:00
Submit
ic-science-white
Prin. of Accounting
6th Chapter

11th Principles of Accounting Chapter 6 Test

Here you can prepare 11th Principles of Accounting English Medium Chapter 6 Accounting for Bills of Exchange Test. Click the button for 100% free full practice test.

Start Chapter 6 Test

Top Scorers Of Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test" MCQ`s Test

  • F
    Fatima Asif 23 - May - 2024 01 Min 45 Sec 15/15
  • H
    hamza abid 13 - Jul - 2022 10 Min 50 Sec 15/15
  • F
    Faizan Bakhsh 27 - Nov - 2023 00 Min 59 Sec 13/15
  • B
    BTS lifeline 24 - Jun - 2023 01 Min 15 Sec 12/15
  • S
    Subhan Baig 19 - Jul - 2024 02 Min 38 Sec 12/15
  • S
    Sania Butt 28 - May - 2024 03 Min 24 Sec 12/15
  • R
    Rabia Javaid 10 - Mar - 2023 05 Min 14 Sec 12/15
  • N
    Niaz 16 - Sep - 2022 01 Min 26 Sec 11/15
  • K
    KHALIL UR REHAMAN 25 - Aug - 2022 02 Min 13 Sec 11/15
  • Z
    Zahid javed Butt 08 - Jun - 2024 02 Min 44 Sec 11/15
  • A
    Abdullah Zafar 20 - Sep - 2023 03 Min 16 Sec 11/15
  • N
    Neon Killer 13 - Jul - 2022 03 Min 18 Sec 11/15
  • M
    Mudassar Ali 14 - Jun - 2023 03 Min 22 Sec 11/15
  • K
    KHALIL UR REHAMAN 25 - Aug - 2022 02 Min 06 Sec 10/15
  • S
    Sohera Aslam 18 - Aug - 2023 02 Min 57 Sec 10/15

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

Sr.# Question Answer
1 Raw material destroyed in fire represents
A. capital loss
B. revenue loss
C. normal loss
D. both b, c
2 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
3 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
4 Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500
A. suspense A/c
B. sales A/c
C. cash A/c
D. none of above
5 An expenditure incurred in increasing the efficiency of a fixed asset is called:
A. Revenue expenditure
B. Capital expenditure
C. Current expenditure
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 Suspense means
A. certainty
B. uncertainty
C. surly
D. none of these
8 Errors which affect one account can be
A. errors of principle
B. errors of posting
C. errors of omission
D. none of these
9 The profit which is earned during the ordinary course of business is regarded as:
A. Capital profit
B. Revenue profit
C. Revenue loss
D. Long term profit
10 Unearned income are known as:
A. Incomes
B. Expenses
C. Liabilities
D. Assets

Test Questions

Is this page helpful?

Share your comments & questions here

Guest

  • No comments yet. Be the first to comment!