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

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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"

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

00:00
Question # 1

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

Question # 2

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

Question # 3

Unearned income are known as:

Question # 4

The outflow of funds to meet the running expenses of a business

Question # 5

Premium on issue of shares of a company represents

Question # 6

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

Question # 7

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

Question # 8

The revenue profit should be transferred to:

Question # 9

Any difference in trial balance is transferred to

Question # 10

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

Question # 11

Bad debts are

Question # 12

Receipts which are non-recurring by nature:

Question # 13

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

Question # 14

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

Question # 15

Preliminary expenses incurred before the commencement of business

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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 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
2 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
3 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
4 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
5 Bad debts are
A. deferred expenditure
B. revenue expenditure
C. capital expenditure
D. none of these
6 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
7 Any difference in trial balance is transferred to
A. sales account
B. nominal account
C. purchases account
D. suspense account
8 Preliminary expenses incurred before the commencement of business
A. revenue expenditure
B. capital expenditure
C. deferred revenue expenditure
D. capital loss
9 The revenue profit should be transferred to:
A. Balance sheet
B. Trading account
C. Profit and loss account
D. None of these
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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