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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
Nominal account are related to:
Question # 2
A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:
Question # 3
At the time of drawing a bill the drawer credits:
Question # 4
A bill which is both drawn and payable within the geographical boundaries of a country
Question # 5
Bank for collection is a
Question # 6
A bill from the point of view of a debtor is called
Question # 7
Interest on renewal of a bill is the expense of
Question # 8
The Legal tenor of a bill is
Question # 9
Which cash is paid or received in an exchange the transaction is called:
Question # 10
When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called
Question # 11
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called
Question # 12
Subsidiary books are called the book of:
Question # 13
When a drawee honours his acceptance, he will credit
Question # 14
A Journal is generally kept on:
Question # 15
When a drawer discounts a bill, he debits
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 -
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 -
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 | 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
|
| 2 | The Legal tenor of a bill is |
A. Sixty Days
B. One Month
C. Eighty Days
D. Ninety Days
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| 3 | When a Bill is dishonoured, the holder of the bill goes to an official called |
A. Inspector
B. Notary Public
C. Drawer
D. Manager
|
| 4 | When a drawee honours his acceptance, he will credit |
A. Capital Account
B. Drawer Account
C. Bill Payable Account
D. Cash Account
|
| 5 | When a drawer discounts a bill, he debits |
A. Bank Account
B. Interest Account
C. Drawee Account
D. Bill Receivable Account
|
| 6 | 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
|
| 7 | At the time of drawing a bill the drawer credits: |
A. Debtors account
B. Creditors account
C. bill receivable account
D. Suppliers account
|
| 8 | 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
|
| 9 | 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
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| 10 | 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
|
Test Questions