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Q.1
_____ will be credited if goods are given as charity
Cash
Charity
Purchases
Sales
Q.2
Which of the following is known as the base for preparing trial balance?
Journal
Cash account
Ledger account
Balance Sheet
Q.3
Debit balance = Credit balance in a trial balance indicates that
No error in recording transactions
No error in posting entries to ledger accounts
Account balances are correct
Mathematically Capital + Liabilities = Assets
Q.4
Which of the following is a type of cash receipt journal + cash payment journal?
Bank statement
Statement of cash flow
Cash book
Cash documents
Q.5
Cash purchases is recorded in which of the following specialized journals?
Purchase Journal
Sales Journal
Purchase return journal
Cash payments journal
Q.6
Sales on credit is recorded in which of the following journal?
Purchase journal
Sales journal
Purchase return journal
Sales return journal
Q.7
Transactions that a business does not record in any specialized journal are recorded in which of the following books?
Cash payment journal
Cash receipt journal
Purchases return journal
General journal
Q.8
Which of the following specialized journal records "goods returned by the business"?
Purchase journal
Sales journal
Purchase return journal
Sales return journal
Q.9
The process of recording transactions in different journals is called
Posting
Entry making
Adjusting
Journalising
Q.10
Trial Balance is prepared to check accuracy of
Ledger account balances
Balance sheet balances
Income statement balances
Cash flow statement balances
Q.11
Which of the following is the normal balance of a rent expense account?
Credit balance
Cash balance
Overdraft
Debit balance
Q.12
The standard format of Journal does not include which of the following?
Assets column
Date column
Description column
Amount column
Q.13
Goods returned by customer should be debited to which of the following accounts?
Sales income account
Sales account
Return inward account
Expenses account
Q.14
Discount allowed is
Expense of business
Income of business
Loss of business
Abnormal loss of business
Q.15
Which of the following accounts can be classified as a real account?
Rent expenses account
Rent income account
Insurance expenses account
Cash account
Q.16
A brief explanation recorded below every entry in General Journal is commonly known as
Narration
Explanation
Summary
Other Information
Q.17
Debit note is the basis for recording a transaction in which of the following journals?
General journal
Cash journal
Purchase journal
Purchase return journal
Q.18
Credit note is the basis for recording a transaction in which of the following journals?
Purchase Journal
Sales return journal
General journal
Cash receipt journal
Q.19
Sales and purchase journal doesn't record
Credit sales
Credit purchases
Credit sales and purchases
Cash sales and purchases
Q.20
Cash received from debtor is recorded in which of the following specialized journals?
Purchase Journal
Sales Journal
Cash receipts journal
Cash payments journal
Q.21
Discount allowed is a kind of deduction from
Account Payable
Account Receivable
Cash account
Discount account
Q.22
The other name of Journal is
Ledger
T account
Day Book
Cash Book
Q.23
The Journal entry in which two or more account is debited or credited is referred to as
Journal entry
Multi entry
Additional entry
Compound entry
Q.24
In which of the following order, data is entered into the Journal?
Alphabetical order
Numeric order
Bullets order
Chronological order
Q.25
Which of the following accounts will be credited if a company purchases building for cash?
Capital account
Fixed assets account
Building account
Cash account
Q.26
Discount for quick repayment of debt is normally referred to as
Trade discount
Prompt payment discount
Cash discount
Bulk discount
Q.27
Which of the following will be debited if a business purchases goods on credit?
Cash
Debtor
Creditor
Purchases
Q.28
Which of the following accounts will be debited if the business's owner withdraws cash from business for personal use?
Drawings
Cash
Business
Stock
Q.29
Capital increases if ______ increases
Expenses are greater than income
Drawings
Interest on capital
Revenue
Q.30
Capital of a business decreases if there is an increase in
Drawings
Income
Gains
Fresh capital
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