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

Vehicle account

Bank account

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Receivable _ Ahmed

Purchases A/c

Cash A/c

Account Payable _ Ahmed

Correct! Wrong!

Accrued expenses are also called?

Accrued liabilities

Unpaid liability

All of the given options

Expenses incurred but not paid

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

Account

General Ledger

General Journal

Voucher

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 20 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 30 days

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!

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

Trial Balance

Receipt and Payment Account

General Ledger

General Journal

Correct! Wrong!

Commission received is an example of?

Nominal A/c

Personal A/c

Real A/c

None of the given options

Correct! Wrong!

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

Contributed Capital

Expenses

Retained Earnings

Revenues

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?

Purchased goods from Ahmed for cash should be credited to?

Accrued expenses are also called?

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?

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

Commission received is an example of?

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

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