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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 drawee honours his acceptance, he will credit
Question # 2
A Journal is generally kept on:
Question # 3
Interest on renewal of a bill is the expense of
Question # 4
Real accounts are related to:
Question # 5
The concept of conservation will have the effect of:
Question # 6
A bill which is both drawn and payable within the geographical boundaries of a country
Question # 7
When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called
Question # 8
All those expenses which are incurred to convert raw-materials into finished goods are called:
Question # 9
When bank column of a cash book shows a credit balance, it means:
Question # 10
Narration is always written:
Question # 11
A bill of exchange is drawn by
Question # 12
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date
Question # 13
Any activity undertaken for the purpose of earning profit is called:
Question # 14
A bank reconciliation statement is prepared by:
Question # 15
Which cash is paid or received in an exchange the transaction is called:
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 | 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
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| 2 | Narration is always written: |
A. Above each entry
B. Below each entry
C. Between of each entry
D. None of these
|
| 3 | When a drawer discounts a bill, he debits |
A. Bank Account
B. Interest Account
C. Drawee Account
D. Bill Receivable Account
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| 4 | How many parties are involved in case of Discounting of a bill ? |
A. Two
B. Three
C. Four
D. None of these
|
| 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
|
| 6 | A bank reconciliation statement is prepared by: |
A. banker
B. Accountant of the business
C. Statutory auditors
D. Rigistar
|
| 7 | The person to whom bill is transferred will become |
A. Endorser
B. Creditor
C. Debtor
D. Endorsee
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| 8 | 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
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| 9 | Bank for collection is a |
A. Permanent Account
B. Fixed Account
C. Current Account
D. Temporary Account
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| 10 | Subsidiary books are called the book of: |
A. Original entry
B. Secondary entry
C. Temporary entry
D. Basic entry
|
Test Questions