ICOM Part 1 Principles of Accounting English Medium Chapter 6 MCQ's Test

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 Principles of Accounting English Medium Chapter 6 MCQ's Test

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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)

Sr. # Questions Answers Choice
1 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
2 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
3 The revenue profit should be transferred to:
  • A. Balance sheet
  • B. Trading account
  • C. Profit and loss account
  • D. None of these
4 Which one of the following is appeared in the balance sheet ?
  • A. revenue expenditure
  • B. capital expenditure
  • C. deferred revenue
  • D. both b,c
5 If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be
  • A. overstated by Rs. 3,000
  • B. understated by Rs. 6,000
  • C. understated by Rs. 3,000
  • D. overstated by Rs. 6,000
6 Bad debts are
  • A. deferred expenditure
  • B. revenue expenditure
  • C. capital expenditure
  • D. none of these
7 Preliminary expenses incurred before the commencement of business
  • A. revenue expenditure
  • B. capital expenditure
  • C. deferred revenue expenditure
  • D. capital loss
8 Error of posting effects:
  • A. One account 
  • B. Two accounts
  • C. Three accounts
  • D. Four accounts
9 Raw material destroyed in fire represents
  • A. capital loss
  • B. revenue loss
  • C. normal loss
  • D. both b, c
10 The profit which is earned during the ordinary course of business is regarded as:
  • A. Capital profit
  • B. Revenue profit
  • C. Revenue loss
  • D. Long term profit

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

Z

Zain Irfan

Lahore18 - Apr - 2025

11/15
08 Mins 05 Sec

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  • Faizan Bakhsh

    27 Nov 2023

    IT'S A GOOD ONE

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