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

Trial Balance

Receipt and Payment Account

General Journal

General Ledger

Correct! Wrong!

Accrued expenses are also called?

Expenses incurred but not paid

All of the given options

Accrued liabilities

Unpaid liability

Correct! Wrong!

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

Contributed Capital

Revenues

Retained Earnings

Expenses

Correct! Wrong!

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

General Ledger

Account

Voucher

General Journal

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 30 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 20 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!

Purchased goods from Ahmed for cash should be credited to?

Purchases A/c

Account Receivable _ Ahmed

Account Payable _ Ahmed

Cash A/c

Correct! Wrong!

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 Furniture Account

Only Cash Account

Only Purchases Account

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

Business account

Vehicle account

Bank account

Correct! Wrong!

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

Latin, debere and credere

Latin, debtor and creditor

Greek, debere and credere

Greek, debtor and creditor

Correct! Wrong!

Commission received is an example of?

None of the given options

Nominal A/c

Real A/c

Personal A/c

Correct! Wrong!

Journal Entry 11-20

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

Accrued expenses are also called?

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

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

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

Purchased goods from Ahmed for cash should be credited to?

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

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?

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