11th class Principles of Accounting chapter 6 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 6(Accounting for Bills of Exchange)

This online test contains MCQs about following topics:

. Definition . How a bill of exchange works? . How transactions relating to bills of exchange are recorded? . Accounting treatment for bills receivale and bills payable . Discounting of a bill of exchange: Another use of bill . Endorsement . bank for collection . Dishonour of a bill of exchange . Renewal of a bill . Difference between dishonour and renewal of a bill . Bills receivable and bills payable books . Promissory Note . Effect of insolvency

ICOM Part 1 Accounting Ch 6 Test

Start Accounting Ch 6 Test

ICOM Part 1 English Medium Subjects

Principles of Accounting

Principles of Economics

Principles of Commerce

ICOM Part 1 Urdu Medium Subjects

Principles of Commerce

Principles of Economics

Principles of Accounting

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KHALIL UR REHAMAN 25 - Aug - 2022 02 Min 06 Sec 10/15
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Sohera Aslam 18 - Aug - 2023 02 Min 57 Sec 10/15

ICom Part 1 Principles of Accounting Chapter 6 Important MCQ's

Sr.#	Question	Answer
1	Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:	A. Assets account B. Expenses account C. Cash account D. Purchases account
2	The revenue profit should be transferred to:	A. Balance sheet B. Trading account C. Profit and loss account D. None of these
3	Wrong allocation of capital and revenue items of expenses represents	A. error of casting B. error of principle C. compensation error D. error of commission
4	Error of posting effects:	A. One account B. Two accounts C. Three accounts D. Four accounts
5	The process of totaling the data at the end of the period is called	A. posting B. casting C. compensating D. recording
6	A receipt is revenue receipt because	A. the amount is small B. it relates to routine activity of business C. it is received in the accounting year D. both b, c
7	A credit sale was wrongly passed through purchases book, the rectification of the entry will:	A. Increase the net profit by, double amount B. Decrease the net profit C. Decrease the net profit by double amount D. Have no effect on the net profit
8	A receipt is revenue in nature, if it relates to:	A. Balance sheet B. The receipt of accounting year C. Small amount D. Routine activity of the business
9	Errors which affect one account can be	A. errors of principle B. errors of posting C. errors of omission D. none of these
10	Error of principle involves an incorrect allocation of expenditure or receipt between.	A. Capital and revenue B. Capital and capitalized C. Revenue and deferred revenue D. Revenue and revenue

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First Year Principles of Accounting Chapter 6 Online MCQ Test for 1st Year Principles of Accounting Chapter 6 (Accounting for Bills of Exchange)

ICOM Part 1 English Medium Subjects

ICOM Part 1 Urdu Medium Subjects

MCQ's Test For Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test"

Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test

Which one of the following is appeared in the balance sheet ?

Error of posting effects:

The profit which is earned during the ordinary course of business is regarded as:

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

A receipt is revenue receipt because

A transaction has been journalized but posted wrongly in the ledger account, it is an:

If the error committed in the capital account, it will affect

Goods purchased from Robin have been posted to Rahim account, it is an:

Receipts which are non-recurring by nature:

The revenue profit should be transferred to:

Suspense means

The process of totaling the data at the end of the period is called

Premium on issue of shares of a company represents

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

Capital contributed by the partners is a:

Prepare Complete Set Wise Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test" MCQs Online With Answers

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11th Principles of Accounting Chapter 6 Test

Top Scorers Of Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test" MCQ`s Test

ICom Part 1 Principles of Accounting Chapter 6 Important MCQ's

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