Journal Entry (11-20)

Purchased goods from Ahmed for cash should be credited to?

Purchases A/c

Account Payable _ Ahmed

Cash A/c

Account Receivable _ Ahmed

Correct! Wrong!

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

Trial Balance

General Journal

Receipt and Payment Account

General Ledger

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?

Business account

Bank account

Cash account

Vehicle account

Correct! Wrong!

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

Revenues

Retained Earnings

Contributed Capital

Expenses

Correct! Wrong!

Accrued expenses are also called?

Unpaid liability

Accrued liabilities

Expenses incurred but not paid

All of the given options

Correct! Wrong!

Commission received is an example of?

Personal A/c

Real A/c

Nominal A/c

None of the given options

Correct! Wrong!

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

Latin, debtor and creditor

Greek, debere and credere

Latin, debere and credere

Greek, debtor and creditor

Correct! Wrong!

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

General Journal

General Ledger

Voucher

Account

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

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

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

Correct! Wrong!

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

Only Purchases Account

Cash & Furniture Account

Only Furniture Account

Only Cash Account

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

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

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

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

Accrued expenses are also called?

Commission received is an example of?

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

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

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

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

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