Journal Entry (11-20)

Accrued expenses are also called?

Expenses incurred but not paid

Unpaid liability

Accrued liabilities

All of the given options

Correct! Wrong!

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

General Ledger

Voucher

General Journal

Account

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Receivable _ Ahmed

Account Payable _ Ahmed

Purchases A/c

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?

Only Purchases Account

Cash & Furniture Account

Only Furniture Account

Only Cash Account

Correct! Wrong!

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

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

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

Vehicle account

Cash account

Business account

Bank account

Correct! Wrong!

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

Retained Earnings

Contributed Capital

Expenses

Revenues

Correct! Wrong!

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

Latin, debtor and creditor

Latin, debere and credere

Greek, debtor and creditor

Greek, debere and credere

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!

Commission received is an example of?

None of the given options

Personal A/c

Nominal A/c

Real A/c

Correct! Wrong!

Accrued expenses are also called?

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 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?

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?

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

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

Commission received is an example of?

Search