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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
Retiring a bill under rebate means
Question # 2
Bank for collection is a
Question # 3
Any activity undertaken for the purpose of earning profit is called:
Question # 4
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date
Question # 5
Which cash is paid or received in an exchange the transaction is called:
Question # 6
The person to whom bill is transferred will become
Question # 7
The concept of conservation will have the effect of:
Question # 8
How many parties are involved in case of Discounting of a bill ?
Question # 9
A bill of exchange is a method of payment on
Question # 10
A bank reconciliation statement is prepared by:
Question # 11
When bank column of a cash book shows a credit balance, it means:
Question # 12
A bill of exchange is a / an
Question # 13
A bill from the point of view of a debtor is called
Question # 14
Narration is always written:
Question # 15
Nominal account are related to:
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
| Sr.# | Question | Answer |
|---|---|---|
| 1 | When a drawee honours his acceptance, he will credit |
A. Capital Account
B. Drawer Account
C. Bill Payable Account
D. Cash Account
|
| 2 | The person to whom bill is transferred will become |
A. Endorser
B. Creditor
C. Debtor
D. Endorsee
|
| 3 | When a drawer discounts a bill, he debits |
A. Bank Account
B. Interest Account
C. Drawee Account
D. Bill Receivable Account
|
| 4 | At the time of drawing a bill the drawer credits: |
A. Debtors account
B. Creditors account
C. bill receivable account
D. Suppliers account
|
| 5 | How many parties are involved in case of Discounting of a bill ? |
A. Two
B. Three
C. Four
D. None of these
|
| 6 | Accommodation bills are drawn accepted and endorsed |
A. Without any Consideration
B. for some Consideration
C. for Quarter Consideration
D. none of the above
|
| 7 | A bank reconciliation statement is prepared by: |
A. banker
B. Accountant of the business
C. Statutory auditors
D. Rigistar
|
| 8 | Any activity undertaken for the purpose of earning profit is called: |
A. Performance
B. Dealing
C. Business
D. Duties
|
| 9 | The Legal tenor of a bill is |
A. Sixty Days
B. One Month
C. Eighty Days
D. Ninety Days
|
| 10 | 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
|
| 11 | 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
|
| 12 | When bank column of a cash book shows a credit balance, it means: |
A. Cash balance
B. Bank balance
C. Under draft
D. Over draft
|
| 13 | 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
|
| 14 | 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
|
| 15 | The transaction for which non separate book is maintained are recorded in: |
A. Journal proper
B. Bills receivable book
C. Bills payable book
D. Cash book
|
Test Questions
