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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
The time after which the bill is to be paid
Question # 2
A bill which is both drawn and payable within the geographical boundaries of a country
Question # 3
Nominal account are related to:
Question # 4
At the time of drawing a bill the drawer credits:
Question # 5
Subsidiary books are called the book of:
Question # 6
The concept of conservation will have the effect of:
Question # 7
How many parties are involved in case of Discounting of a bill ?
Question # 8
Interest on renewal of a bill is the expense of
Question # 9
A bill of exchange is a method of payment on
Question # 10
Retiring a bill under rebate means
Question # 11
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called
Question # 12
Real accounts are related to:
Question # 13
A bank reconciliation statement is prepared by:
Question # 14
The transaction for which non separate book is maintained are recorded in:
Question # 15
When is a drawee is declared insolvent which account is to be debited in the books of drawer
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 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
|
| 2 | When a bill is discharged the acceptor debits: |
A. Creditors account
B. Cash account
C. Bill payable account
D. Bill receivable account
|
| 3 | Real accounts are related to: |
A. Assets
B. Expenses, losses and incomes
C. Customers, creditors
D. Incomes
|
| 4 | 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
|
| 5 | The concept of conservation will have the effect of: |
A. Understatement of assets
B. Under statement of liabilities
C. Overstatement of assets
D. None of the above
|
| 6 | When a Bill is dishonoured, the holder of the bill goes to an official called |
A. Inspector
B. Notary Public
C. Drawer
D. Manager
|
| 7 | How many parties are involved in case of Discounting of a bill ? |
A. Two
B. Three
C. Four
D. None of these
|
| 8 | The Legal tenor of a bill is |
A. Sixty Days
B. One Month
C. Eighty Days
D. Ninety Days
|
| 9 | A bill of exchange is a / an |
A. Promise
B. Unconditional Order
C. Request
D. Conditional Order
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| 10 | 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
|
Test Questions