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This online test contains MCQs about following topics:
. Need and importance if accounting . Analysis of transactiions . Double entry system . Advantages of double entry system . SIngle entry system . Distinction between double entry system and single entry system . What is an account? . Classification of account . Rules for debiting and crediting . Explanation of rules
ICOM Part 1 Accounting Ch 3 Test
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 3 "Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test"
Try The MCQ's Test For Chapter 3 "Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test"
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Total Questions15
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Time Allowed20
Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test
00:00
Question # 1
When a Bill is dishonoured, the holder of the bill goes to an official called
Question # 2
The Legal tenor of a bill is
Question # 3
How many parties are involved in case of Discounting of a bill ?
Question # 4
When is a drawee is declared insolvent which account is to be debited in the books of drawer
Question # 5
The transaction for which non separate book is maintained are recorded in:
Question # 6
At the time of drawing a bill the drawer credits:
Question # 7
When a bill is discharged the acceptor debits:
Question # 8
The time after which the bill is to be paid
Question # 9
A bank reconciliation statement is prepared by:
Question # 10
When bank column of a cash book shows a credit balance, it means:
Question # 11
When a drawer discounts a bill, he debits
Question # 12
A bill of exchange is a method of payment on
Question # 13
Bank for collection is a
Question # 14
A bill from the point of view of a debtor is called
Question # 15
The person to whom bill is transferred will become
11th Principles of Accounting Chapter 3 Test
Here you can prepare 11th Principles of Accounting English Medium Chapter 3 Analysis of Business Transactions and Double Entry System Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 3 "Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test" MCQ`s Test
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U Usman 21 - May - 2024 00 Min 17 Sec 15/15 -
U usman saghir 25 - Apr - 2024 03 Min 20 Sec 15/15 -
M Muhammad Irfan 31 - Jan - 2024 02 Min 41 Sec 14/15 -
A Ayan Ahmed 01 - May - 2024 01 Min 11 Sec 13/15 -
L laiba sehroosh 20 - May - 2024 03 Min 44 Sec 13/15 -
S Subhan Baig 19 - Jul - 2024 04 Min 02 Sec 13/15 -
K King Anas 29 - Apr - 2024 05 Min 00 Sec 13/15 -
A Abeer 06 - Feb - 2024 03 Min 10 Sec 12/15 -
D Dayyan Zakir 15 - Mar - 2024 03 Min 55 Sec 12/15 -
S Sania Butt 28 - May - 2024 05 Min 16 Sec 12/15 -
M Mr Khani 29 - Apr - 2024 03 Min 34 Sec 11/15 -
K kalsoom 11 - Jan - 2024 03 Min 36 Sec 11/15 -
K Kashaf 05 - Jul - 2024 04 Min 32 Sec 11/15 -
Q qazimuhammadbin siddique 30 - Apr - 2024 00 Min 15 Sec 10/15 -
L Lily 05 - Apr - 2026 01 Min 42 Sec 10/15
ICom Part 1 Principles of Accounting Chapter 3 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Accommodation bills are drawn accepted and endorsed |
A. Without any Consideration
B. for some Consideration
C. for Quarter Consideration
D. none of the above
|
| 2 | The transaction for which non separate book is maintained are recorded in: |
A. Journal proper
B. Bills receivable book
C. Bills payable book
D. Cash book
|
| 3 | The act of withdrawing a bill of exchange from circulation when it had been paid before the due date |
A. Renewal of a Bill
B. Discounting of a Bill
C. Endorsement of a Bill
D. Retiring of a Bill
|
| 4 | Any activity undertaken for the purpose of earning profit is called: |
A. Performance
B. Dealing
C. Business
D. Duties
|
| 5 | The time after which the bill is to be paid |
A. Grace Days
B. Tenor
C. Due Date
D. Extra Days
|
| 6 | A bill which is both drawn and payable within the geographical boundaries of a country |
A. Foreign Bill
B. Local Bill
C. Municipal Bill
D. Inland Bill
|
| 7 | Real accounts are related to: |
A. Assets
B. Expenses, losses and incomes
C. Customers, creditors
D. Incomes
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| 8 | Interest on renewal of a bill is the expense of |
A. Drawer
B. Drawee
C. Holder
D. Endorsee
|
| 9 | Retiring a bill under rebate means |
A. Payment of Bill Before Due Date
B. Payment of Bill After due date
C. Discounting of a Bill
D. Dishonouring of a Bill
|
| 10 | When a Bill is dishonoured, the holder of the bill goes to an official called |
A. Inspector
B. Notary Public
C. Drawer
D. Manager
|
Test Questions