Journal Entry 11-20

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

Contributed Capital

Revenues

Expenses

Retained Earnings

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Receivable _ Ahmed

Cash A/c

Purchases A/c

Account Payable _ Ahmed

Correct! Wrong!

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

Only Furniture Account

Only Purchases Account

Only Cash Account

Cash & Furniture 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 20 days

Payment in full is due 30 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 30 days

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

Correct! Wrong!

Accrued expenses are also called?

Accrued liabilities

Expenses incurred but not paid

Unpaid liability

All of the given options

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

Bank account

Vehicle account

Correct! Wrong!

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

Greek, debere and credere

Latin, debtor and creditor

Greek, debtor and creditor

Latin, debere and credere

Correct! Wrong!

Commission received is an example of?

None of the given options

Nominal A/c

Real A/c

Personal A/c

Correct! Wrong!

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

General Ledger

Account

General Journal

Voucher

Correct! Wrong!

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

General Journal

Trial Balance

Receipt and Payment Account

General Ledger

Correct! Wrong!

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

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?

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

Accrued expenses are also called?

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?

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

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

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