First Year Principles of Accounting Chapter 6 Online MCQ Test for 1st Year 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
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ICOM Part 1 Urdu Medium Subjects

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Principles of Accounting

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"

  • Total Questions15

  • Time Allowed20

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

00:00
Question # 1

A receipt is revenue in nature, if it relates to:

Question # 2

Any expenditure incurred to increase the earning capacity of a business

Question # 3

Preliminary expenses incurred before the commencement of business

Question # 4

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

Question # 5

An error completely omitted to be entered in the journal

Question # 6

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

Question # 7

The revenue profit should be transferred to:

Question # 8

Any difference in trial balance is transferred to

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

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

Question # 12

Raw material destroyed in fire represents

Question # 13

Wrong allocation of capital and revenue items of expenses represents

Question # 14

Capital contributed by the partners is a:

Question # 15

A receipt is revenue receipt because

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11th Principles of Accounting Chapter 6 Test

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

Sr.# Question Answer
1 Any expenditure incurred to increase the earning capacity of a business
A. capital expenditure
B. capital loss
C. revenue loss
D. revenue expenditure
2 Any difference in trial balance is transferred to
A. sales account
B. nominal account
C. purchases account
D. suspense account
3 Preliminary expenses incurred before the commencement of business
A. revenue expenditure
B. capital expenditure
C. deferred revenue expenditure
D. capital loss
4 The revenue profit should be transferred to:
A. Balance sheet
B. Trading account
C. Profit and loss account
D. None of these
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 Error of posting effects:
A. One account 
B. Two accounts
C. Three accounts
D. Four accounts
7 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
8 Premium on issue of shares of a company represents
A. capital loss
B. capital profit
C. capital payment
D. none of these
9 Bad debts are
A. deferred expenditure
B. revenue expenditure
C. capital expenditure
D. none of these
10 A transaction has been journalized but posted wrongly in the ledger account, it is an:
A. Error of positing
B. Error of principle
C. Error of omission
D. Error of commission

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