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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
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Question # 1
Retiring a bill under rebate means
Question # 2
At the time of drawing a bill the drawer credits:
Question # 3
A bank reconciliation statement is prepared by:
Question # 4
A bill of exchange is a method of payment on
Question # 5
Which cash is paid or received in an exchange the transaction is called:
Question # 6
All those expenses which are incurred to convert raw-materials into finished goods are called:
Question # 7
Narration is always written:
Question # 8
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date
Question # 9
When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called
Question # 10
The person to whom bill is transferred will become
Question # 11
When a drawee honours his acceptance, he will credit
Question # 12
Any activity undertaken for the purpose of earning profit is called:
Question # 13
A bill of exchange is drawn by
Question # 14
When bank column of a cash book shows a credit balance, it means:
Question # 15
How many parties are involved in case of Discounting of a bill ?
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 | 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
|
| 2 | 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
|
| 3 | 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
|
| 4 | Accommodation bills are drawn accepted and endorsed |
A. Without any Consideration
B. for some Consideration
C. for Quarter Consideration
D. none of the above
|
| 5 | Narration is always written: |
A. Above each entry
B. Below each entry
C. Between of each entry
D. None of these
|
| 6 | Real accounts are related to: |
A. Assets
B. Expenses, losses and incomes
C. Customers, creditors
D. Incomes
|
| 7 | 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
|
| 8 | A bill of exchange is drawn by |
A. Debtor
B. Creditor
C. Endorser
D. Endorsee
|
| 9 | A bill from the point of view of a debtor is called |
A. Bill Acceptable
B. Bill Receivable
C. Bill Payable
D. None of these
|
| 10 | A Journal is generally kept on: |
A. A columnar basis
B. A row basis
C. A single line basis
D. Vertical basis
|
Test Questions