Journal Entry 11-20

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!

Purchased goods from Ahmed for cash should be credited to?

Cash A/c

Account Payable _ Ahmed

Account Receivable _ Ahmed

Purchases A/c

Correct! Wrong!

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

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 30 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 20 days

Correct! Wrong!

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

General Ledger

Receipt and Payment Account

General Journal

Trial Balance

Correct! Wrong!

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

Only Cash Account

Cash & Furniture Account

Only Furniture Account

Only Purchases Account

Correct! Wrong!

Commission received is an example of?

None of the given options

Real A/c

Personal A/c

Nominal A/c

Correct! Wrong!

Accrued expenses are also called?

Expenses incurred but not paid

Unpaid liability

All of the given options

Accrued liabilities

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, debtor and creditor

Greek, debere and credere

Correct! Wrong!

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

Revenues

Retained Earnings

Expenses

Contributed Capital

Correct! Wrong!

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

General Journal

Voucher

Account

General Ledger

Correct! Wrong!

Journal Entry 11-20

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

Purchased goods from Ahmed for cash should be credited to?

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

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

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

Commission received is an example of?

Accrued expenses are also called?

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

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?

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