Journal Entry 11-20

Commission received is an example of?

Nominal A/c

Real A/c

Personal A/c

None 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!

Accrued expenses are also called?

Unpaid liability

Expenses incurred but not paid

Accrued liabilities

All of the given options

Correct! Wrong!

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

Latin, debtor and creditor

Greek, debtor and creditor

Greek, debere and credere

Latin, debere and credere

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Payable _ Ahmed

Account Receivable _ Ahmed

Purchases A/c

Cash A/c

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!

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!

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

Retained Earnings

Expenses

Contributed Capital

Revenues

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 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

Correct! Wrong!

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

General Journal

General Ledger

Trial Balance

Receipt and Payment Account

Correct! Wrong!

Commission received is an example of?

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

Accrued expenses are also called?

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

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

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

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

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

Search