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	If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be	overstated by Rs. 3,000 understated by Rs. 6,000 understated by Rs. 3,000 overstated by Rs. 6,000
2	Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500	suspense A/c sales A/c cash A/c none of above
3	If the error committed in the capital account, it will affect	trading account profit & loss account trading and profit & loss account balance sheet
4	Any difference in trial balance is transferred to	sales account nominal account purchases account suspense account
5	Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect	purchases A/c sales account purchases, sales & Ali account purchases & sales account
6	The process of totaling the data at the end of the period is called	posting casting compensating recording
7	Suspense means	certainty uncertainty surly none of these
8	Wrong allocation of capital and revenue items of expenses represents	error of casting error of principle compensation error error of commission
9	An error completely omitted to be entered in the journal	partial error error of posting error of casting complete error
10	Errors which affect one account can be	errors of principle errors of posting errors of omission none of these
11	Premium on issue of shares of a company represents	capital loss capital profit capital payment none of these
12	Raw material destroyed in fire represents	capital loss revenue loss normal loss both b, c
13	A receipt is revenue receipt because	the amount is small it relates to routine activity of business it is received in the accounting year both b, c
14	Capitalized expenditures are shown in	trading A/c profit & loss A/c income statement balance sheet
15	Receipts, which are non-recurring by nature, are called	revenue receipts current receipts capital receipts capital profit

Download This Set