Principles of accounting Icom Part 1 English Medium Online Test With Answers

image
image
image

Principles of accounting Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Which column is prepared in single column cash book? Bank Column Cash Column Discount Column All of the Above
2 The most exhaustive cash book is Petty Cash Book Single Column Cash Book Double Column Cash Book Treble Column Cash Book
3 Contra Refers to Same Side Parallel Side Opposite Side None of these
4 Book used to record petty expenses and receipts Single Column Cash Book Petty Cash Book Double Column Cash Book Treble Column Cash Book
5 The cash book is a  Subsidiary Journal Ledger Account Subsidiary Journal and Ledger Trial Balance
6 A cash account always shows Debit Balance Credit Balance Both a and b Nil Balance
7 Accommodation bills are drawn accepted and endorsed Without any Consideration for some Consideration for Quarter Consideration none of the above
8 When is a drawee is declared insolvent which account is to be debited in the books of drawer Deficiency a/c Bad Debts a/c Solvency a/c None of these
9 Retiring a bill under rebate means Payment of Bill Before Due Date Payment of Bill After due date Discounting of a Bill Dishonouring of a Bill
10 Interest on renewal of a bill is the expense of  Drawer Drawee Holder Endorsee
11 The Legal tenor of a bill is Sixty Days One Month Eighty Days Ninety Days
12 When a Bill is dishonoured, the holder of the bill goes to an official called Inspector Notary Public Drawer Manager
13 When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called Honoured Bill Retired Bill Dishonoured Bill Endorsed Bill
14 When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called Retirement of Bill Endorsement of a Bill Discounting of a Bill Settlement of a Bill
15 The act of withdrawing a bill of exchange from circulation when it had been paid before the due date Renewal of a Bill Discounting of a Bill Endorsement of a Bill Retiring of a Bill
Download This Set
×