Question # 1

When a bill is discharged the acceptor debits:

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Creditors account

Cash account

Bill payable account

Bill receivable account

A bill of exchange is a / an

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Promise

Unconditional Order

Request

Conditional Order

A bill of exchange is a method of payment on

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Cash Basis

Credit Basis

Reserve Basis

Accommodation Basis

Retiring a bill under rebate means

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Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

A Journal is generally kept on:

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A columnar basis

A row basis

A single line basis

Vertical basis

Narration is always written:

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Above each entry

Below each entry

Between of each entry

None of these

When a drawer discounts a bill, he debits

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Bank Account

Interest Account

Drawee Account

Bill Receivable Account

Bank for collection is a

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Permanent Account

Fixed Account

Current Account

Temporary Account

A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:

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Rs.10,000

Rs.20,000

Rs,30,000

Rs. 40,000

When is a drawee is declared insolvent which account is to be debited in the books of drawer

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Deficiency a/c

Bad Debts a/c

Solvency a/c

None of these

Accommodation bills are drawn accepted and endorsed

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Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

At the time of drawing a bill the drawer credits:

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Debtors account

Creditors account

bill receivable account

Suppliers account

Interest on renewal of a bill is the expense of

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Drawer

Drawee

Holder

Endorsee

Subsidiary books are called the book of:

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Original entry

Secondary entry

Temporary entry

Basic entry

Nominal account are related to:

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Assets and liabilities

Expenses, losses and incomes

Customers, creditors etc

Capital account

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Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers

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