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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
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"
Try The MCQ's Test For Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test"
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Total Questions15
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Time Allowed20
Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test
00:00
Question # 1
Receipts, which are non-recurring by nature, are called
Question # 2
The capital profit should be transferred to:
Question # 3
The outflow of funds to meet the running expenses of a business
Question # 4
Error of posting effects:
Question # 5
Premium on issue of shares of a company represents
Question # 6
Receipts which are non-recurring by nature:
Question # 7
Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500
Question # 8
Suspense means
Question # 9
If the error committed in the capital account, it will affect
Question # 10
A credit sale was wrongly passed through purchases book, the rectification of the entry will:
Question # 11
Any expenditure incurred to increase the earning capacity of a business
Question # 12
Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect
Question # 13
Wrong allocation of capital and revenue items of expenses represents
Question # 14
The profit which is earned during the ordinary course of business is regarded as:
Question # 15
Error of principle involves an incorrect allocation of expenditure or receipt between.
11th Principles of Accounting Chapter 6 Test
Here you can prepare 11th Principles of Accounting English Medium Chapter 6 Accounting for Bills of Exchange Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test" MCQ`s Test
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F Fatima Asif 23 - May - 2024 01 Min 45 Sec 15/15 -
H hamza abid 13 - Jul - 2022 10 Min 50 Sec 15/15 -
F Faizan Bakhsh 27 - Nov - 2023 00 Min 59 Sec 13/15 -
B BTS lifeline 24 - Jun - 2023 01 Min 15 Sec 12/15 -
S Subhan Baig 19 - Jul - 2024 02 Min 38 Sec 12/15 -
S Sania Butt 28 - May - 2024 03 Min 24 Sec 12/15 -
R Rabia Javaid 10 - Mar - 2023 05 Min 14 Sec 12/15 -
N Niaz 16 - Sep - 2022 01 Min 26 Sec 11/15 -
K KHALIL UR REHAMAN 25 - Aug - 2022 02 Min 13 Sec 11/15 -
Z Zahid javed Butt 08 - Jun - 2024 02 Min 44 Sec 11/15 -
A Abdullah Zafar 20 - Sep - 2023 03 Min 16 Sec 11/15 -
N Neon Killer 13 - Jul - 2022 03 Min 18 Sec 11/15 -
M Mudassar Ali 14 - Jun - 2023 03 Min 22 Sec 11/15 -
K KHALIL UR REHAMAN 25 - Aug - 2022 02 Min 06 Sec 10/15 -
S 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 | 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
|
| 2 | An expenditure incurred in increasing the efficiency of a fixed asset is called: |
A. Revenue expenditure
B. Capital expenditure
C. Current expenditure
D. None of these
|
| 3 | If the error committed in the capital account, it will affect |
A. trading account
B. profit & loss account
C. trading and profit & loss account
D. balance sheet
|
| 4 | Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect |
A. purchases A/c
B. sales account
C. purchases, sales & Ali account
D. purchases & sales account
|
| 5 | Unearned income are known as: |
A. Incomes
B. Expenses
C. Liabilities
D. Assets
|
| 6 | Error of posting effects: |
A. One account
B. Two accounts
C. Three accounts
D. Four accounts
|
| 7 | The outflow of funds to meet the running expenses of a business |
A. Revenue loss
B. Revenue expenditure
C. capital expenditure
D. capital loss
|
| 8 | If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be |
A. overstated by Rs. 3,000
B. understated by Rs. 6,000
C. understated by Rs. 3,000
D. overstated by Rs. 6,000
|
| 9 | Preliminary expenses incurred before the commencement of business |
A. revenue expenditure
B. capital expenditure
C. deferred revenue expenditure
D. capital loss
|
| 10 | Which one of the following is appeared in the balance sheet ? |
A. revenue expenditure
B. capital expenditure
C. deferred revenue
D. both b,c
|
Test Questions
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