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

Which one of the following is appeared in the balance sheet ?

Question # 2

A receipt is revenue receipt because

Question # 3

A transaction has been journalized but posted wrongly in the ledger account, it is an:

Question # 4

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

Question # 5

The capital profit should be transferred to:

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

Premium on issue of shares of a company represents

Question # 9

Capitalized expenditures are shown in

Question # 10

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

Question # 11

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

Question # 12

Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect

Question # 13

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

Question # 14

An error completely omitted to be entered in the journal

Question # 15

Suspense means

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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 Receipts which are non-recurring by nature:
A. Capital receipts
B. Revenue receipts
C. Short term receipts
D. Capital profit
2 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
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 The outflow of funds to meet the running expenses of a business
A. Revenue loss
B. Revenue expenditure
C. capital expenditure
D. capital loss
5 Capitalized expenditures are shown in
A. trading A/c
B. profit & loss A/c
C. income statement
D. balance sheet
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 The capital profit should be transferred to:
A. Profit and loss account
B. Trading account
C. Balance Sheet
D. Both Trading and profit and loss account and balance sheet
8 Raw material destroyed in fire represents
A. capital loss
B. revenue loss
C. normal loss
D. both b, c
9 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
10 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

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