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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
Capital contributed by the partners is a:
Question # 2
Bad debts are
Question # 3
Error of principle involves an incorrect allocation of expenditure or receipt between.
Question # 4
The outflow of funds to meet the running expenses of a business
Question # 5
Errors which affect one account can be
Question # 6
The profit which is earned during the ordinary course of business is regarded as:
Question # 7
Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500
Question # 8
Wrong allocation of capital and revenue items of expenses represents
Question # 9
Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect
Question # 10
Unearned income are known as:
Question # 11
Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:
Question # 12
Receipts, which are non-recurring by nature, are called
Question # 13
Raw material destroyed in fire represents
Question # 14
A transaction has been journalized but posted wrongly in the ledger account, it is an:
Question # 15
Premium on issue of shares of a company represents
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 | The process of totaling the data at the end of the period is called |
A. posting
B. casting
C. compensating
D. recording
|
| 2 | An error completely omitted to be entered in the journal |
A. partial error
B. error of posting
C. error of casting
D. complete error
|
| 3 | Any expenditure incurred to increase the earning capacity of a business |
A. capital expenditure
B. capital loss
C. revenue loss
D. revenue expenditure
|
| 4 | Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will. |
A. Increase the net profit
B. Decrease the net profit
C. Have double effect on net profit
D. Have no effect on net profit
|
| 5 | Raw material destroyed in fire represents |
A. capital loss
B. revenue loss
C. normal loss
D. both b, c
|
| 6 | The profit which is earned during the ordinary course of business is regarded as: |
A. Capital profit
B. Revenue profit
C. Revenue loss
D. Long term profit
|
| 7 | Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500 |
A. suspense A/c
B. sales A/c
C. cash A/c
D. none of above
|
| 8 | Bad debts are |
A. deferred expenditure
B. revenue expenditure
C. capital expenditure
D. none of these
|
| 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 | 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
|
Test Questions