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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
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
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"
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Total Questions15
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Time Allowed20
Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test
00:00
Question # 1
If the error committed in the capital account, it will affect
Question # 2
A receipt is revenue receipt because
Question # 3
A credit sale was wrongly passed through purchases book, the rectification of the entry will:
Question # 4
Any expenditure incurred to increase the earning capacity of a business
Question # 5
An expenditure incurred in increasing the efficiency of a fixed asset is called:
Question # 6
The process of totaling the data at the end of the period is called
Question # 7
The outflow of funds to meet the running expenses of a business
Question # 8
Raw material destroyed in fire represents
Question # 9
A transaction has been journalized but posted wrongly in the ledger account, it is an:
Question # 10
Capital contributed by the partners is a:
Question # 11
Receipts, which are non-recurring by nature, are called
Question # 12
Goods purchased from Robin have been posted to Rahim account, it is an:
Question # 13
Preliminary expenses incurred before the commencement of business
Question # 14
Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500
Question # 15
The capital profit should be transferred to:
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.
Top Scorers Of Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test" MCQ`s Test
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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 | 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
|
| 3 | An error completely omitted to be entered in the journal |
A. partial error
B. error of posting
C. error of casting
D. complete error
|
| 4 | 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
|
| 5 | Unearned income are known as: |
A. Incomes
B. Expenses
C. Liabilities
D. Assets
|
| 6 | 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
|
| 7 | Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect |
A. purchases A/c
B. sales account
C. purchases, sales & Ali account
D. purchases & sales account
|
| 8 | 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
|
| 9 | Premium on issue of shares of a company represents |
A. capital loss
B. capital profit
C. capital payment
D. none of these
|
| 10 | 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
|
Test Questions
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