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

  • Time Allowed20

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

00:00
Question # 1

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

Question # 2

The revenue profit should be transferred to:

Question # 3

Capital contributed by the partners is a:

Question # 4

Unearned income are known as:

Question # 5

An error completely omitted to be entered in the journal

Question # 6

If the error committed in the capital account, it will affect

Question # 7

Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500

Question # 8

Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect

Question # 9

The process of totaling the data at the end of the period is called

Question # 10

Which one of the following is appeared in the balance sheet ?

Question # 11

Preliminary expenses incurred before the commencement of business

Question # 12

Errors which affect one account can be

Question # 13

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

Question # 14

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

Question # 15

Suspense means

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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 Capital contributed by the partners is a:
A. Revenue receipt
B. Capital receipt
C. Current receipt
D. Deferred receipt
2 Raw material destroyed in fire represents
A. capital loss
B. revenue loss
C. normal loss
D. both b, c
3 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
4 Error of posting effects:
A. One account 
B. Two accounts
C. Three accounts
D. Four accounts
5 Premium on issue of shares of a company represents
A. capital loss
B. capital profit
C. capital payment
D. none of these
6 Which one of the following is appeared in the balance sheet ?
A. revenue expenditure
B. capital expenditure
C. deferred revenue
D. both b,c
7 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
8 Preliminary expenses incurred before the commencement of business
A. revenue expenditure
B. capital expenditure
C. deferred revenue expenditure
D. capital loss
9 Unearned income are known as:
A. Incomes
B. Expenses
C. Liabilities
D. Assets
10 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

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