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


cBusiness


dStock


View Answer Drawings

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


aCash


bDebtor


cCreditor


dPurchases


View Answer Purchases

_________ is the evidence that a transaction took place?


aSource documents


bLedger


cBonds


dJournals


View Answer Source documents

Discount allowed is___________?


aExpense of business


bIncome of business


cLoss of business


dAbnormal loss of business


View Answer Expense of business

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


aSales income account


bSales account


cReturn inward account


dExpenses account


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


b10,2


c10,30


d3,15


View Answer 2,10

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


aJournal entry


bMulti entry


cAdditional entry


dCompound entry


View Answer Compound entry

The other name of journal is____________?


aLedger


bT account


cDay book


dCash book


View Answer Cash book

Discount allowed is a kind of deduction from_____________?


aAccount payable


bAccount receivable


cCash account


dDiscount account


View Answer Account receivable

Every business transaction affects at least ________ accounts?


aOne


bTwo


cThree


dInfinite


View Answer Two

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