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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
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
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"
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Total Questions15
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Time Allowed20
Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test
00:00
Question # 1
Receipts, which are non-recurring by nature, are called
Question # 2
A receipt is revenue receipt because
Question # 3
A transaction has been journalized but posted wrongly in the ledger account, it is an:
Question # 4
Error of principle involves an incorrect allocation of expenditure or receipt between.
Question # 5
Raw material destroyed in fire represents
Question # 6
An error completely omitted to be entered in the journal
Question # 7
Capital contributed by the partners is a:
Question # 8
Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:
Question # 9
Wrong allocation of capital and revenue items of expenses represents
Question # 10
The outflow of funds to meet the running expenses of a business
Question # 11
Capitalized expenditures are shown in
Question # 12
Bad debts are
Question # 13
Which one of the following is appeared in the balance sheet ?
Question # 14
Any difference in trial balance is transferred to
Question # 15
The process of totaling the data at the end of the period is called
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.
Top Scorers Of Chapter 6 "Principles of accounting Icom Part 1 English Medium Chapter 6 Online Test" MCQ`s Test
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F Fatima Asif 23 - May - 2024 01 Min 45 Sec 15/15 -
H hamza abid 13 - Jul - 2022 10 Min 50 Sec 15/15 -
F Faizan Bakhsh 27 - Nov - 2023 00 Min 59 Sec 13/15 -
B BTS lifeline 24 - Jun - 2023 01 Min 15 Sec 12/15 -
S Subhan Baig 19 - Jul - 2024 02 Min 38 Sec 12/15 -
S Sania Butt 28 - May - 2024 03 Min 24 Sec 12/15 -
R Rabia Javaid 10 - Mar - 2023 05 Min 14 Sec 12/15 -
N Niaz 16 - Sep - 2022 01 Min 26 Sec 11/15 -
K KHALIL UR REHAMAN 25 - Aug - 2022 02 Min 13 Sec 11/15 -
Z Zahid javed Butt 08 - Jun - 2024 02 Min 44 Sec 11/15 -
A Abdullah Zafar 20 - Sep - 2023 03 Min 16 Sec 11/15 -
N Neon Killer 13 - Jul - 2022 03 Min 18 Sec 11/15 -
M Mudassar Ali 14 - Jun - 2023 03 Min 22 Sec 11/15 -
K KHALIL UR REHAMAN 25 - Aug - 2022 02 Min 06 Sec 10/15 -
S Sohera Aslam 18 - Aug - 2023 02 Min 57 Sec 10/15
ICom Part 1 Principles of Accounting Chapter 6 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
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| 2 | 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
|
| 3 | Error of posting effects: |
A. One account
B. Two accounts
C. Three accounts
D. Four accounts
|
| 4 | Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will. |
A. Increase the net profit
B. Decrease the net profit
C. Have double effect on net profit
D. Have no effect on net profit
|
| 5 | Wrong allocation of capital and revenue items of expenses represents |
A. error of casting
B. error of principle
C. compensation error
D. error of commission
|
| 6 | The revenue profit should be transferred to: |
A. Balance sheet
B. Trading account
C. Profit and loss account
D. None of these
|
| 7 | 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
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| 8 | 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
|
| 9 | Goods purchased from Robin have been posted to Rahim account, it is an: |
A. Error of omission
B. Error of casting
C. Error of posting
D. Error of commission
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| 10 | Capitalized expenditures are shown in |
A. trading A/c
B. profit & loss A/c
C. income statement
D. balance sheet
|
Test Questions