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

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

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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
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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
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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

Sr.#	Question	Answer
1	Suspense means	A. certainty B. uncertainty C. surly D. none of these
2	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
3	The outflow of funds to meet the running expenses of a business	A. Revenue loss B. Revenue expenditure C. capital expenditure D. capital loss
4	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
5	Preliminary expenses incurred before the commencement of business	A. revenue expenditure B. capital expenditure C. deferred revenue expenditure D. capital loss
6	Capital contributed by the partners is a:	A. Revenue receipt B. Capital receipt C. Current receipt D. Deferred receipt
7	Errors which affect one account can be	A. errors of principle B. errors of posting C. errors of omission D. none of these
8	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
9	Capitalized expenditures are shown in	A. trading A/c B. profit & loss A/c C. income statement D. balance sheet
10	Receipts, which are non-recurring by nature, are called	A. revenue receipts B. current receipts C. capital receipts D. capital profit
11	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
12	Unearned income are known as:	A. Incomes B. Expenses C. Liabilities D. Assets
13	Raw material destroyed in fire represents	A. capital loss B. revenue loss C. normal loss D. both b, c
14	Any expenditure incurred to increase the earning capacity of a business	A. capital expenditure B. capital loss C. revenue loss D. revenue expenditure
15	Bad debts are	A. deferred expenditure B. revenue expenditure C. capital expenditure D. none of these

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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

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

Preliminary expenses incurred before the commencement of business

Wrong allocation of capital and revenue items of expenses represents

If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be

Capitalized expenditures are shown in

Suspense means

Any difference in trial balance is transferred to

The revenue profit should be transferred to:

An error completely omitted to be entered in the journal

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

Raw material destroyed in fire represents

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

An expenditure incurred in increasing the efficiency of a fixed asset is called:

The capital profit should be transferred to:

Error of posting effects:

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11th Principles of Accounting Chapter 6 Test

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