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11th Principles of Accounting Chapter 6 Test

Here you can prepare 11th Principles of Accounting English Medium Chapter 6 Accounting for Bills of Exchange Test. Click the button for 100% free full practice test.

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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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 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
2 Capital contributed by the partners is a:
  • A. Revenue receipt
  • B. Capital receipt
  • C. Current receipt
  • D. Deferred receipt
3 Receipts which are non-recurring by nature:
  • A. Capital receipts
  • B. Revenue receipts
  • C. Short term receipts
  • D. Capital profit
4 Bad debts are
  • A. deferred expenditure
  • B. revenue expenditure
  • C. capital expenditure
  • D. none of these
5 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
6 Premium on issue of shares of a company represents
  • A. capital loss
  • B. capital profit
  • C. capital payment
  • D. none of these
7 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
8 Raw material destroyed in fire represents
  • A. capital loss
  • B. revenue loss
  • C. normal loss
  • D. both b, c
9 Error of posting effects:
  • A. One account 
  • B. Two accounts
  • C. Three accounts
  • D. Four accounts
10 If the error committed in the capital account, it will affect
  • A. trading account
  • B. profit & loss account
  • C. trading and profit & loss account
  • D. balance sheet

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  • Faizan Bakhsh

    27 Nov 2023

    IT'S A GOOD ONE

    Like (1)
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