11th class Principles of Accounting chapter 6 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 6(Accounting for Bills of Exchange)

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

Sr. #	Questions	Answers Choice
1	Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.	Increase the net profit Decrease the net profit Have double effect on net profit Have no effect on net profit
2	The revenue profit should be transferred to:	Balance sheet Trading account Profit and loss account None of these
3	The capital profit should be transferred to:	Profit and loss account Trading account Balance Sheet Both Trading and profit and loss account and balance sheet
4	Unearned income are known as:	Incomes Expenses Liabilities Assets
5	A credit sale was wrongly passed through purchases book, the rectification of the entry will:	Increase the net profit by, double amount Decrease the net profit Decrease the net profit by double amount Have no effect on the net profit
6	Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:	Assets account Expenses account Cash account Purchases account
7	The profit which is earned during the ordinary course of business is regarded as:	Capital profit Revenue profit Revenue loss Long term profit
8	Capital contributed by the partners is a:	Revenue receipt Capital receipt Current receipt Deferred receipt
9	Error of posting effects:	One account  Two accounts Three accounts Four accounts
10	Error of principle involves an incorrect allocation of expenditure or receipt between.	Capital and revenue Capital and capitalized Revenue and deferred revenue Revenue and revenue
11	A receipt is revenue in nature, if it relates to:	Balance sheet The receipt of accounting year Small amount Routine activity of the business
12	Receipts which are non-recurring by nature:	Capital receipts Revenue receipts Short term receipts Capital profit
13	Goods purchased from Robin have been posted to Rahim account, it is an:	Error of omission Error of casting Error of posting Error of commission
14	A transaction has been journalized but posted wrongly in the ledger account, it is an:	Error of positing Error of principle Error of omission Error of commission
15	An expenditure incurred in increasing the efficiency of a fixed asset is called:	Revenue expenditure Capital expenditure Current expenditure None of these

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