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Online Tests
Principles of accounting Icom Part 1 English Medium Chapter 3 Online Test MCQs With Answers
Question # 1
A bill from the point of view of a debtor is called
Choose an answer
Bill Acceptable
Bill Receivable
Bill Payable
None of these
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Question # 2
When a Bill is dishonoured, the holder of the bill goes to an official called
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Inspector
Notary Public
Drawer
Manager
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Question # 3
Subsidiary books are called the book of:
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Original entry
Secondary entry
Temporary entry
Basic entry
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Question # 4
A bill of exchange is a method of payment on
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Cash Basis
Credit Basis
Reserve Basis
Accommodation Basis
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Question # 5
Accommodation bills are drawn accepted and endorsed
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Without any Consideration
for some Consideration
for Quarter Consideration
none of the above
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Question # 6
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
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Question # 7
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date
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Renewal of a Bill
Discounting of a Bill
Endorsement of a Bill
Retiring of a Bill
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Question # 8
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called
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Retirement of Bill
Endorsement of a Bill
Discounting of a Bill
Settlement of a Bill
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Question # 9
At the time of drawing a bill the drawer credits:
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Debtors account
Creditors account
bill receivable account
Suppliers account
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Question # 10
All those expenses which are incurred to convert raw-materials into finished goods are called:
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Direct expenses
Indirect expenses
Administrative expenses
Sales expenses
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Question # 11
When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called
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Honoured Bill
Retired Bill
Dishonoured Bill
Endorsed Bill
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Question # 12
When a drawer discounts a bill, he debits
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Bank Account
Interest Account
Drawee Account
Bill Receivable Account
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Question # 13
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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Question # 14
Retiring a bill under rebate means
Choose an answer
Payment of Bill Before Due Date
Payment of Bill After due date
Discounting of a Bill
Dishonouring of a Bill
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Question # 15
Which cash is paid or received in an exchange the transaction is called:
Choose an answer
Sale transaction
Cash transaction
Credit transaction
None of the above
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