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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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

Capital contributed by the partners is a:

Question # 2

Error of principle involves an incorrect allocation of expenditure or receipt between.

Question # 3

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

Question # 4

The capital profit should be transferred to:

Question # 5

A receipt is revenue receipt because

Question # 6

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

Question # 7

An error completely omitted to be entered in the journal

Question # 8

Any difference in trial balance is transferred to

Question # 9

Receipts which are non-recurring by nature:

Question # 10

Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.

Question # 11

Any expenditure incurred to increase the earning capacity of a business

Question # 12

A credit sale was wrongly passed through purchases book, the rectification of the entry will:

Question # 13

Errors which affect one account can be

Question # 14

Wrong allocation of capital and revenue items of expenses represents

Question # 15

The outflow of funds to meet the running expenses of a business

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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 Raw material destroyed in fire represents
A. capital loss
B. revenue loss
C. normal loss
D. both b, c
2 Suspense means
A. certainty
B. uncertainty
C. surly
D. none of these
3 Any difference in trial balance is transferred to
A. sales account
B. nominal account
C. purchases account
D. suspense account
4 Goods purchased from Robin have been posted to Rahim account, it is an:
A. Error of omission
B. Error of casting
C. Error of posting
D. Error of commission
5 Unearned income are known as:
A. Incomes
B. Expenses
C. Liabilities
D. Assets
6 Which one of the following is appeared in the balance sheet ?
A. revenue expenditure
B. capital expenditure
C. deferred revenue
D. both b,c
7 Capitalized expenditures are shown in
A. trading A/c
B. profit & loss A/c
C. income statement
D. balance sheet
8 A receipt is revenue in nature, if it relates to:
A. Balance sheet
B. The receipt of accounting year
C. Small amount
D. Routine activity of the business
9 Error of posting effects:
A. One account 
B. Two accounts
C. Three accounts
D. Four accounts
10 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

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