Journal Entry (11-20)

Commission received is an example of?

None of the given options

Real A/c

Personal A/c

Nominal A/c

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

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

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

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?

Cash account

Vehicle account

Business account

Bank account

Correct! Wrong!

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

Greek, debere and credere

Greek, debtor and creditor

Latin, debtor and creditor

Latin, debere and credere

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Receivable _ Ahmed

Account Payable _ Ahmed

Cash A/c

Purchases 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 Cash Account

Only Furniture Account

Correct! Wrong!

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

General Ledger

Voucher

Account

General Journal

Correct! Wrong!

Accrued expenses are also called?

Unpaid liability

Accrued liabilities

All of the given options

Expenses incurred but not paid

Correct! Wrong!

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

Retained Earnings

Contributed Capital

Expenses

Revenues

Correct! Wrong!

Commission received is an example of?

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 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?

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?

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

Accrued expenses are also called?

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

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