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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
Preliminary expenses incurred before the commencement of business
Question # 2
Unearned income are known as:
Question # 3
Receipts which are non-recurring by nature:
Question # 4
An expenditure incurred in increasing the efficiency of a fixed asset is called:
Question # 5
Any expenditure incurred to increase the earning capacity of a business
Question # 6
A transaction has been journalized but posted wrongly in the ledger account, it is an:
Question # 7
Goods purchased from Robin have been posted to Rahim account, it is an:
Question # 8
An error completely omitted to be entered in the journal
Question # 9
If the error committed in the capital account, it will affect
Question # 10
Suspense means
Question # 11
Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:
Question # 12
Capitalized expenditures are shown in
Question # 13
A receipt is revenue in nature, if it relates to:
Question # 14
A receipt is revenue receipt because
Question # 15
The revenue profit should be transferred to:
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 -
A Ayyan Shiekh 23 - Jun - 2026 02 Min 57 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
ICom Part 1 Principles of Accounting Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Raw material destroyed in fire represents |
A. capital loss
B. revenue loss
C. normal loss
D. both b, c
|
| 2 | Any difference in trial balance is transferred to |
A. sales account
B. nominal account
C. purchases account
D. suspense account
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| 3 | Premium on issue of shares of a company represents |
A. capital loss
B. capital profit
C. capital payment
D. none of these
|
| 4 | 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
|
| 5 | 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
|
| 6 | 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
|
| 7 | Any expenditure incurred to increase the earning capacity of a business |
A. capital expenditure
B. capital loss
C. revenue loss
D. revenue expenditure
|
| 8 | Receipts which are non-recurring by nature: |
A. Capital receipts
B. Revenue receipts
C. Short term receipts
D. Capital profit
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| 9 | Error of posting effects: |
A. One account
B. Two accounts
C. Three accounts
D. Four accounts
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| 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
|
Test Questions
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