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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 drawee honours his acceptance, he will credit
Question # 2
Interest on renewal of a bill is the expense of
Question # 3
A bill from the point of view of a debtor is called
Question # 4
When a Bill is dishonoured, the holder of the bill goes to an official called
Question # 5
All those expenses which are incurred to convert raw-materials into finished goods are called:
Question # 6
When bank column of a cash book shows a credit balance, it means:
Question # 7
A bill of exchange is a method of payment on
Question # 8
When is a drawee is declared insolvent which account is to be debited in the books of drawer
Question # 9
Subsidiary books are called the book of:
Question # 10
A bill of exchange is a / an
Question # 11
The concept of conservation will have the effect of:
Question # 12
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called
Question # 13
Which cash is paid or received in an exchange the transaction is called:
Question # 14
A bank reconciliation statement is prepared by:
Question # 15
Retiring a bill under rebate means
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 -
W Waj Khan 15 - Dec - 2023 02 Min 50 Sec 12/15 -
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
ICom Part 1 Principles of Accounting Chapter 3 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | When bank column of a cash book shows a credit balance, it means: |
A. Cash balance
B. Bank balance
C. Under draft
D. Over draft
|
| 2 | When a bill is discharged the acceptor debits: |
A. Creditors account
B. Cash account
C. Bill payable account
D. Bill receivable account
|
| 3 | A bill of exchange is a method of payment on |
A. Cash Basis
B. Credit Basis
C. Reserve Basis
D. Accommodation Basis
|
| 4 | The Legal tenor of a bill is |
A. Sixty Days
B. One Month
C. Eighty Days
D. Ninety Days
|
| 5 | 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
|
| 6 | Interest on renewal of a bill is the expense of |
A. Drawer
B. Drawee
C. Holder
D. Endorsee
|
| 7 | The person to whom bill is transferred will become |
A. Endorser
B. Creditor
C. Debtor
D. Endorsee
|
| 8 | 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
|
| 9 | Narration is always written: |
A. Above each entry
B. Below each entry
C. Between of each entry
D. None of these
|
| 10 | When a drawer discounts a bill, he debits |
A. Bank Account
B. Interest Account
C. Drawee Account
D. Bill Receivable Account
|
Test Questions