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

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

00:00
Question # 1

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

Question # 2

Bad debts are

Question # 3

Any expenditure incurred to increase the earning capacity of a business

Question # 4

A receipt is revenue receipt because

Question # 5

Premium on issue of shares of a company represents

Question # 6

Wrong allocation of capital and revenue items of expenses represents

Question # 7

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

Question # 8

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

Question # 9

The revenue profit should be transferred to:

Question # 10

Goods purchased from Robin have been posted to Rahim account, it is an:

Question # 11

Error of posting effects:

Question # 12

Preliminary expenses incurred before the commencement of business

Question # 13

The capital profit should be transferred to:

Question # 14

Receipts which are non-recurring by nature:

Question # 15

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

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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, are called
A. revenue receipts
B. current receipts
C. capital receipts
D. capital profit
2 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
3 Bad debts are
A. deferred expenditure
B. revenue expenditure
C. capital expenditure
D. none of these
4 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
5 Which one of the following is appeared in the balance sheet ?
A. revenue expenditure
B. capital expenditure
C. deferred revenue
D. both b,c
6 Premium on issue of shares of a company represents
A. capital loss
B. capital profit
C. capital payment
D. none of these
7 Suspense means
A. certainty
B. uncertainty
C. surly
D. none of these
8 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
9 Any difference in trial balance is transferred to
A. sales account
B. nominal account
C. purchases account
D. suspense account
10 Error of posting effects:
A. One account 
B. Two accounts
C. Three accounts
D. Four accounts

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