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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 bank column of a cash book shows a credit balance, it means:
Question # 2
Accommodation bills are drawn accepted and endorsed
Question # 3
A bill of exchange is a method of payment on
Question # 4
A bill from the point of view of a debtor is called
Question # 5
A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:
Question # 6
The person to whom bill is transferred will become
Question # 7
Any activity undertaken for the purpose of earning profit is called:
Question # 8
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date
Question # 9
When a Bill is dishonoured, the holder of the bill goes to an official called
Question # 10
A bill of exchange is a / an
Question # 11
At the time of drawing a bill the drawer credits:
Question # 12
The time after which the bill is to be paid
Question # 13
The Legal tenor of a bill is
Question # 14
Nominal account are related to:
Question # 15
A Journal is generally kept on:
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 -
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K King Anas 29 - Apr - 2024 05 Min 00 Sec 13/15 -
A Abeer 06 - Feb - 2024 03 Min 10 Sec 12/15 -
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M Mr Khani 29 - Apr - 2024 03 Min 34 Sec 11/15 -
K kalsoom 11 - Jan - 2024 03 Min 36 Sec 11/15 -
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Q qazimuhammadbin siddique 30 - Apr - 2024 00 Min 15 Sec 10/15 -
L Lily 05 - Apr - 2026 01 Min 42 Sec 10/15
ICom Part 1 Principles of Accounting Chapter 3 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
|
| 3 | Nominal account are related to: |
A. Assets and liabilities
B. Expenses, losses and incomes
C. Customers, creditors etc
D. Capital account
|
| 4 | 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
|
| 5 | A bill which is both drawn and payable within the geographical boundaries of a country |
A. Foreign Bill
B. Local Bill
C. Municipal Bill
D. Inland Bill
|
| 6 | When a bill is discharged the acceptor debits: |
A. Creditors account
B. Cash account
C. Bill payable account
D. Bill receivable account
|
| 7 | A bill of exchange is drawn by |
A. Debtor
B. Creditor
C. Endorser
D. Endorsee
|
| 8 | 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
|
| 9 | 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
|
| 10 | When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called |
A. Honoured Bill
B. Retired Bill
C. Dishonoured Bill
D. Endorsed Bill
|
Test Questions