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

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

00:00
Question # 1

A credit sale was wrongly passed through purchases book, the rectification of the entry will:

Question # 2

Receipts, which are non-recurring by nature, are called

Question # 3

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

Question # 4

Suspense means

Question # 5

The capital profit should be transferred to:

Question # 6

Errors which affect one account can be

Question # 7

Any expenditure incurred to increase the earning capacity of a business

Question # 8

An expenditure incurred in increasing the efficiency of a fixed asset is called:

Question # 9

Bad debts are

Question # 10

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

Question # 11

Capitalized expenditures are shown in

Question # 12

An error completely omitted to be entered in the journal

Question # 13

The revenue profit should be transferred to:

Question # 14

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

Question # 15

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

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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.

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ICom Part 1 Principles of Accounting Chapter 6 Important MCQ's

Sr.# Question Answer
1 Preliminary expenses incurred before the commencement of business
A. revenue expenditure
B. capital expenditure
C. deferred revenue expenditure
D. capital loss
2 Receipts which are non-recurring by nature:
A. Capital receipts
B. Revenue receipts
C. Short term receipts
D. Capital profit
3 Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect
A. purchases A/c
B. sales account
C. purchases, sales & Ali account
D. purchases & sales account
4 Raw material destroyed in fire represents
A. capital loss
B. revenue loss
C. normal loss
D. both b, c
5 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
6 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
7 Capitalized expenditures are shown in
A. trading A/c
B. profit & loss A/c
C. income statement
D. balance sheet
8 A transaction has been journalized but posted wrongly in the ledger account, it is an:
A. Error of positing
B. Error of principle
C. Error of omission
D. Error of commission
9 Capital contributed by the partners is a:
A. Revenue receipt
B. Capital receipt
C. Current receipt
D. Deferred receipt
10 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

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