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

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Principles of accounting Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 When a drawee honours his acceptance, he will credit Capital Account Drawer Account Bill Payable Account Cash Account
2 The person to whom bill is transferred will become Endorser Creditor Debtor Endorsee
3 A bill from the point of view of a debtor is called Bill Acceptable Bill Receivable Bill Payable None of these
4 A bill of exchange is a / an Promise Unconditional Order Request Conditional Order
5 How many parties are involved in case of Discounting of a bill ? Two Three Four None of these
6 Bank for collection is a Permanent Account Fixed Account Current Account Temporary Account
7 The time after which the bill is to be paid Grace Days Tenor Due Date Extra Days
8 When a drawer discounts a bill, he debits Bank Account Interest Account Drawee Account Bill Receivable Account
9 A bill which is both drawn and payable within the geographical boundaries of a country Foreign Bill Local Bill Municipal Bill Inland Bill
10 A bill of exchange is drawn by Debtor Creditor Endorser Endorsee
11 A bill of exchange is a method of payment on Cash Basis Credit Basis Reserve Basis Accommodation Basis
12 A trial balance can be constructed by Three Methods Two Methods Four Methods Five Methods
13 A schedule of balances of all accounts is called Journal Ledger Balance Sheet Trial Balance
14 Left hand side of an account is called Debit Side Credit Side Both a & b None of these
15 Ledger Records Transaction in a/an Chronological Order Daily order Arithmetical Order Analytical Order
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