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 Errors which affect one account can be
  • A. errors of principle
  • B. errors of posting
  • C. errors of omission
  • D. none of these
2 Premium on issue of shares of a company represents
  • A. capital loss
  • B. capital profit
  • C. capital payment
  • D. none of these
3 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
4 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
5 Unearned income are known as:
  • A. Incomes
  • B. Expenses
  • C. Liabilities
  • D. Assets
6 Preliminary expenses incurred before the commencement of business
  • A. revenue expenditure
  • B. capital expenditure
  • C. deferred revenue expenditure
  • D. capital loss
7 Suspense means
  • A. certainty
  • B. uncertainty
  • C. surly
  • D. none of these
8 Which one of the following is appeared in the balance sheet ?
  • A. revenue expenditure
  • B. capital expenditure
  • C. deferred revenue
  • D. both b,c
9 Error of principle involves an incorrect allocation of expenditure or receipt between.
  • A. Capital and revenue
  • B. Capital and capitalized
  • C. Revenue and deferred revenue
  • D. Revenue and revenue
10 The revenue profit should be transferred to:
  • A. Balance sheet
  • B. Trading account
  • C. Profit and loss account
  • D. None of these

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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