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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
How many parties are involved in case of Discounting of a bill ?
Question # 2
Real accounts are related to:
Question # 3
All those expenses which are incurred to convert raw-materials into finished goods are called:
Question # 4
A bill which is both drawn and payable within the geographical boundaries of a country
Question # 5
Subsidiary books are called the book of:
Question # 6
When a Bill is dishonoured, the holder of the bill goes to an official called
Question # 7
A bill from the point of view of a debtor is called
Question # 8
At the time of drawing a bill the drawer credits:
Question # 9
The transaction for which non separate book is maintained are recorded in:
Question # 10
When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called
Question # 11
Nominal account are related to:
Question # 12
Bank for collection is a
Question # 13
Interest on renewal of a bill is the expense of
Question # 14
When a drawee honours his acceptance, he will credit
Question # 15
When bank column of a cash book shows a credit balance, it means:
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 | 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 | A bill of exchange is a method of payment on |
A. Cash Basis
B. Credit Basis
C. Reserve Basis
D. Accommodation Basis
|
| 3 | 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
|
| 4 | A bill of exchange is drawn by |
A. Debtor
B. Creditor
C. Endorser
D. Endorsee
|
| 5 | Any activity undertaken for the purpose of earning profit is called: |
A. Performance
B. Dealing
C. Business
D. Duties
|
| 6 | When a bill is discharged the acceptor debits: |
A. Creditors account
B. Cash account
C. Bill payable account
D. Bill receivable account
|
| 7 | 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
|
| 8 | When a drawer discounts a bill, he debits |
A. Bank Account
B. Interest Account
C. Drawee Account
D. Bill Receivable Account
|
| 9 | 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
|
| 10 | A bank reconciliation statement is prepared by: |
A. banker
B. Accountant of the business
C. Statutory auditors
D. Rigistar
|
Test Questions