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

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

00:00
Question # 1

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

Question # 2

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

Question # 3

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

Question # 4

Wrong allocation of capital and revenue items of expenses represents

Question # 5

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

Question # 6

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

Question # 7

Capital contributed by the partners is a:

Question # 8

Bad debts are

Question # 9

A receipt is revenue receipt because

Question # 10

Premium on issue of shares of a company represents

Question # 11

The profit which is earned during the ordinary course of business is regarded as:

Question # 12

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

Question # 13

Errors which affect one account can be

Question # 14

Error of posting effects:

Question # 15

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

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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 Receipts, which are non-recurring by nature, are called
A. revenue receipts
B. current receipts
C. capital receipts
D. capital profit
2 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
3 Receipts which are non-recurring by nature:
A. Capital receipts
B. Revenue receipts
C. Short term receipts
D. Capital profit
4 Errors which affect one account can be
A. errors of principle
B. errors of posting
C. errors of omission
D. none of these
5 The process of totaling the data at the end of the period is called
A. posting
B. casting
C. compensating
D. recording
6 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
7 A receipt is revenue receipt because
A. the amount is small
B. it relates to routine activity of business
C. it is received in the accounting year
D. both b, c
8 Bad debts are
A. deferred expenditure
B. revenue expenditure
C. capital expenditure
D. none of these
9 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
10 Capital contributed by the partners is a:
A. Revenue receipt
B. Capital receipt
C. Current receipt
D. Deferred receipt

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