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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.

First Year Principles of Accounting Chapter 3 Online MCQ Test for 1st Year Principles of Accounting Chapter 3 (Analysis of Business Transactions and Double Entry System)

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
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First Year Principles of Accounting Chapter 3 Online MCQ Test for 1st Year Principles of Accounting Chapter 3 (Analysis of Business Transactions and Double Entry System)

Sr. # Questions Answers Choice
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 The person to whom bill is transferred will become
  • A. Endorser
  • B. Creditor
  • C. Debtor
  • D. Endorsee
3 When a drawer discounts a bill, he debits
  • A. Bank Account
  • B. Interest Account
  • C. Drawee Account
  • D. Bill Receivable Account
4 Any activity undertaken for the purpose of earning profit is called:
  • A. Performance
  • B. Dealing
  • C. Business
  • D. Duties
5 All those expenses which are incurred to convert raw-materials into finished goods are called:
  • A. Direct expenses
  • B. Indirect expenses
  • C. Administrative expenses
  • D. Sales expenses
6 Narration is always written:
  • A. Above each entry
  • B. Below each entry
  • C. Between of each entry
  • D. None of these
7 When a bill is discharged the acceptor debits:
  • A. Creditors account
  • B. Cash account
  • C. Bill payable account
  • D. Bill receivable account
8 Interest on renewal of a bill is the expense of 
  • A. Drawer
  • B. Drawee
  • C. Holder
  • D. Endorsee
9 A bill of exchange is a / an
  • A. Promise
  • B. Unconditional Order
  • C. Request
  • D. Conditional Order
10 A Journal is generally kept on:
  • A. A columnar basis
  • B. A row basis
  • C. A single line basis
  • D. Vertical basis

Top Scorers of Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test

M

Muhammad Irfan

Lahore31 - Jan - 2024

14/15
02 Mins 41 Sec
M

Muhammad Irfan

Lahore31 - Jan - 2024

13/15
02 Mins 34 Sec
A

Abeer

Lahore06 - Feb - 2024

12/15
03 Mins 10 Sec
D

Dayyan Zakir

Lahore15 - Mar - 2024

12/15
03 Mins 55 Sec
M

Muhammad Irfan

Lahore31 - Jan - 2024

11/15
02 Mins 41 Sec
K

Kalsoom

Lahore11 - Jan - 2024

11/15
03 Mins 36 Sec
M

Muhammad Irfan

Lahore31 - Jan - 2024

9/15
03 Mins 36 Sec
A

Abeer

Lahore06 - Feb - 2024

8/15
02 Mins 35 Sec
A

Abeer

Lahore06 - Feb - 2024

8/15
03 Mins 12 Sec

Share your comments questions here
Sort By:
  • S

    Shah Nawaz Awan

    10 Aug 2018

    I need tuitor for accounting part1 ...is there anybody available

    Like
    Reply
  • M

    Muhammad Amin

    16 May 2017

    the answer of the question no 7 is wrong performance and correct is business but in answer sheet performance is correct and business is wrong that is wrong my answer business is correct.

    Like
    Reply
  • J

    Junaid

    26 Jan 2016

    I like accounting.

    Like
    Reply
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