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

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11th Principles of Accounting Chapter 6 Test

This online test contains MCQs about following topics:

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

Try the 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

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Question # 1

Capital contributed by the partners is a:

Question # 2

An error completely omitted to be entered in the journal

Question # 3

Premium on issue of shares of a company represents

Question # 4

Raw material destroyed in fire represents

Question # 5

Receipts which are non-recurring by nature:

Question # 6

Preliminary expenses incurred before the commencement of business

Question # 7

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

Question # 8

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

Question # 9

Any difference in trial balance is transferred to

Question # 10

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

Question # 11

Wrong allocation of capital and revenue items of expenses represents

Question # 12

Bad debts are

Question # 13

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

Question # 14

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

Question # 15

Error of principle involves an incorrect allocation of expenditure or receipt between.

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Prepare All Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test MCQs With Answers


. 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

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