Accounting Mcqs

Page No. 58

Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?


aDrawings

✓


bCash

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cBusiness

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dStock

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View Answer Drawings

Which of the following will be debited if a business purchases goods on credit?


aCash

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bDebtor

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cCreditor

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dPurchases

✓


View Answer Purchases

_________ is the evidence that a transaction took place?


aSource documents

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bLedger

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cBonds

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dJournals

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View Answer Source documents

Discount allowed is___________?


aExpense of business

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bIncome of business

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cLoss of business

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dAbnormal loss of business

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View Answer Expense of business

Goods returned by customer should be debited to which of the following accounts?


aSales income account

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bSales account

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cReturn inward account

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dExpenses account

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View Answer Return inward account

he term 2/10-n/30 implies that ______ % discount will be given if the payment is made within days or full amount is receivable within 30 days?


a2,10

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b10,2

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c10,30

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d3,15

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View Answer 2,10

A journal entry in which two or more account is debited or credited is referred as____________?


aJournal entry

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bMulti entry

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cAdditional entry

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dCompound entry

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View Answer Compound entry

The other name of journal is____________?


aLedger

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bT account

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cDay book

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dCash book

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View Answer Cash book

Discount allowed is a kind of deduction from_____________?


aAccount payable

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bAccount receivable

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cCash account

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dDiscount account

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View Answer Account receivable

Every business transaction affects at least ________ accounts?


aOne

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bTwo

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cThree

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dInfinite

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View Answer Two

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