Journal Entry 11-20

Which of the following account/s will be affected under the rule of accrual accounting, when furniture is purchased on cash?

Cash & Furniture Account

Only Cash Account

Only Purchases Account

Only Furniture Account

Correct! Wrong!

Which one of the following is used to record financial transactions in date wise order?

Account

General Journal

General Ledger

Voucher

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Purchases A/c

Cash A/c

Account Payable _ Ahmed

Account Receivable _ Ahmed

Correct! Wrong!

Which of the following accounts would be increased with a debit?

Revenues

Expenses

Retained Earnings

Contributed Capital

Correct! Wrong!

Credit terms of 1/10, n/30 mean that?

If the invoice is paid within 10 days of its date, a 1% discount may be taken; otherwise the total amount is due in 20 days

If the invoice is paid within 10 days of its date, a 1% discount may be taken; otherwise the total amount is due in 30 days

Payment in full is due 30 days after date of the invoice

Payment in full is due 10 days after date of the invoice

Correct! Wrong!

Which of the following account will be credited in the books of XYZ Co. Ltd, if the business purchased a vehicle though cheque?

Cash account

Vehicle account

Bank account

Business account

Correct! Wrong!

The abbreviations for debit and credit (Dr. and Cr.) come from what language words?

Greek, debtor and creditor

Greek, debere and credere

Latin, debere and credere

Latin, debtor and creditor

Correct! Wrong!

Commission received is an example of?

Nominal A/c

Real A/c

Personal A/c

None of the given options

Correct! Wrong!

Accrued expenses are also called?

Expenses incurred but not paid

Accrued liabilities

Unpaid liability

All of the given options

Correct! Wrong!

Which one of the following is called book of original entry?

Trial Balance

General Ledger

Receipt and Payment Account

General Journal

Correct! Wrong!

Which of the following account/s will be affected under the rule of accrual accounting, when furniture is purchased on cash?

Which one of the following is used to record financial transactions in date wise order?

Purchased goods from Ahmed for cash should be credited to?

Which of the following accounts would be increased with a debit?

Credit terms of 1/10, n/30 mean that?

Which of the following account will be credited in the books of XYZ Co. Ltd, if the business purchased a vehicle though cheque?

The abbreviations for debit and credit (Dr. and Cr.) come from what language words?

Commission received is an example of?

Accrued expenses are also called?

Which one of the following is called book of original entry?

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