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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 bill is transferred by the drawer to his creditor, for settlement of his debts, it is called
Question # 2
A bill which is both drawn and payable within the geographical boundaries of a country
Question # 3
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date
Question # 4
A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:
Question # 5
When a drawer discounts a bill, he debits
Question # 6
A bank reconciliation statement is prepared by:
Question # 7
When a bill is discharged the acceptor debits:
Question # 8
Bank for collection is a
Question # 9
Any activity undertaken for the purpose of earning profit is called:
Question # 10
Interest on renewal of a bill is the expense of
Question # 11
A bill of exchange is a method of payment on
Question # 12
Narration is always written:
Question # 13
The person to whom bill is transferred will become
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 | 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
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| 2 | The time after which the bill is to be paid |
A. Grace Days
B. Tenor
C. Due Date
D. Extra Days
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| 3 | When a bill is discharged the acceptor debits: |
A. Creditors account
B. Cash account
C. Bill payable account
D. Bill receivable account
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| 4 | A Journal is generally kept on: |
A. A columnar basis
B. A row basis
C. A single line basis
D. Vertical basis
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| 5 | 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
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| 6 | A bill of exchange is a method of payment on |
A. Cash Basis
B. Credit Basis
C. Reserve Basis
D. Accommodation Basis
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| 7 | Nominal account are related to: |
A. Assets and liabilities
B. Expenses, losses and incomes
C. Customers, creditors etc
D. Capital account
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| 8 | Real accounts are related to: |
A. Assets
B. Expenses, losses and incomes
C. Customers, creditors
D. Incomes
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| 9 | A bill of exchange is a / an |
A. Promise
B. Unconditional Order
C. Request
D. Conditional Order
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| 10 | When a drawer discounts a bill, he debits |
A. Bank Account
B. Interest Account
C. Drawee Account
D. Bill Receivable Account
|
Test Questions
Share your comments & questions here
Shah Nawaz Awan
10 Aug 2018I need tuitor for accounting part1 ...is there anybody available
Muhammad amin
16 May 2017the 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.
Muhammad junaid attari
26 Jan 2016I like accounting.