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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 a Bill is dishonoured, the holder of the bill goes to an official called
  • A. Inspector
  • B. Notary Public
  • C. Drawer
  • D. Manager
2 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
3 A bill of exchange is drawn by
  • A. Debtor
  • B. Creditor
  • C. Endorser
  • D. Endorsee
4 Nominal account are related to:
  • A. Assets and liabilities
  • B. Expenses, losses and incomes
  • C. Customers, creditors etc
  • D. Capital account
5 When a bill is discharged the acceptor debits:
  • A. Creditors account
  • B. Cash account
  • C. Bill payable account
  • D. Bill receivable account
6 How many parties are involved in case of Discounting of a bill ?
  • A. Two
  • B. Three
  • C. Four
  • D. None of these
7 Narration is always written:
  • A. Above each entry
  • B. Below each entry
  • C. Between of each entry
  • D. None of these
8 A bill of exchange is a method of payment on
  • A. Cash Basis
  • B. Credit Basis
  • C. Reserve Basis
  • D. Accommodation Basis
9 Any activity undertaken for the purpose of earning profit is called:
  • A. Performance
  • B. Dealing
  • C. Business
  • D. Duties
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

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
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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