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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 drawer discounts a bill, he debits
Question # 2
When a Bill is dishonoured, the holder of the bill goes to an official called
Question # 3
When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called
Question # 4
The person to whom bill is transferred will become
Question # 5
When a bill is discharged the acceptor debits:
Question # 6
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date
Question # 7
Real accounts are related to:
Question # 8
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called
Question # 9
When a drawee honours his acceptance, he will credit
Question # 10
When bank column of a cash book shows a credit balance, it means:
Question # 11
A bill from the point of view of a debtor is called
Question # 12
Accommodation bills are drawn accepted and endorsed
Question # 13
The time after which the bill is to be paid
Question # 14
Bank for collection is a
Question # 15
A bank reconciliation statement is prepared by:
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
| Sr. # | Question | Answer |
|---|---|---|
| 1 | Real accounts are related to: |
A. Assets B. Expenses, losses and incomes C.Customers, creditors D. Incomes |
| 2 | 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 |
| 3 | When a bill is discharged the acceptor debits: |
A. Creditors account B. Cash account C.Bill payable account D. Bill receivable account |
| 4 | Nominal account are related to: |
A. Assets and liabilities B. Expenses, losses and incomes C.Customers, creditors etc D. Capital account |
| 5 | A bill of exchange is a / an |
A. Promise B. Unconditional Order C.Request D. Conditional Order |
| 6 | 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 |
| 7 | Interest on renewal of a bill is the expense of |
A. Drawer B. Drawee C.Holder D. Endorsee |
| 8 | A bill from the point of view of a debtor is called |
A. Bill Acceptable B. Bill Receivable C.Bill Payable D. None of these |
| 9 | How many parties are involved in case of Discounting of a bill ? |
A. Two B. Three C.Four D. None of these |
| 10 | When is a drawee is declared insolvent which account is to be debited in the books of drawer |
A. Deficiency a/c B. Bad Debts a/c C.Solvency a/c D. None of these |
| 11 | When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called |
A. Retirement of Bill B. Endorsement of a Bill C.Discounting of a Bill D. Settlement of a Bill |
| 12 | The time after which the bill is to be paid |
A. Grace Days B. Tenor C.Due Date D. Extra Days |
| 13 | 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 |
| 14 | 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 |
| 15 | Narration is always written: |
A. Above each entry B. Below each entry C.Between of each entry D. None of these |
Test Questions
