ICOM Part 1 Principles of Accounting English Medium Chapter 3 MCQ's 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)

ICOM Part 1 Principles of Accounting English Medium Chapter 3 MCQ's 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 Nominal account are related to:
  • A. Assets and liabilities
  • B. Expenses, losses and incomes
  • C. Customers, creditors etc
  • D. Capital account
2 A Journal is generally kept on:
  • A. A columnar basis
  • B. A row basis
  • C. A single line basis
  • D. Vertical basis
3 A bank reconciliation statement is  prepared by:
  • A. banker
  • B. Accountant of the business
  • C. Statutory auditors
  • D. Rigistar
4 Accommodation bills are drawn accepted and endorsed
  • A. Without any Consideration
  • B. for some Consideration
  • C. for Quarter Consideration
  • D. none of the above
5 Bank for collection is a
  • A. Permanent Account
  • B. Fixed Account
  • C. Current Account
  • D. Temporary Account
6 A bill of exchange is drawn by
  • A. Debtor
  • B. Creditor
  • C. Endorser
  • D. Endorsee
7 How many parties are involved in case of Discounting of a bill ?
  • A. Two
  • B. Three
  • C. Four
  • D. None of these
8 Which cash is paid or received in an exchange the transaction is called:
  • A. Sale transaction 
  • B. Cash transaction
  • C. Credit transaction
  • D. None of the above
9 A many buy  Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:
  • A. Rs.10,000
  • B. Rs.20,000
  • C. Rs,30,000
  • D. Rs. 40,000
10 Subsidiary books are called the book of:
  • A. Original entry
  • B. Secondary entry
  • C. Temporary entry
  • D. Basic entry

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Rohan Adnan

Lahore16 - Jun - 2025

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Tahreem Waris

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Rohan Adnan

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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
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