Accounting Mcqs

Page No. 66

In accounting an Economic event is referred to as:


aCash

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bBank statement

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cTransaction

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dExchange of money

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View Answer Transaction

Credit memo or credit note No. is entered in which of the following journal?


aGeneral journal

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bCash journal

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cPurchase journal

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dSales return day book

✓


View Answer Sales return day book

BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?


aCash receipts journal

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bCash payments journal

✓


cSales journal

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dPurchase journal

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View Answer Cash payments journal

Which of the following is known as an evidence that a transaction took place?


aCash receipts journal

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bGeneral journal

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c Source document

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dCash book

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View Answer Source document

Specialized journals are more adequate for which TYPE OF BUSINESSES?


aSmall businesses

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bBig businesses

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cSole proprietorship

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dPartnership

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View Answer Big businesses

Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?


aPurchase journal

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bSales return journal

✓


cGeneral journal

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dCash receipt journal

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View Answer Sales return journal

SALE of old furniture” will be recorded in which of the following specialised journals?


aPurchase journal

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bSales journal

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cGeneral journal

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dCash receipt journal

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View Answer General journal

Debit note is the basis for recording a transaction in which of the following journals?


aGeneral journal

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bCash journal

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cPurchase journal

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dPurchase return journal

✓



Credit purchase of plant and machinery is recorded in which of the following journals?


aGeneral journal

✓


bCash journal

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cPurchase journal

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dPurchase return journal

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View Answer General journal

A brief explanation recorded below every entry in general journal is commonly known as__________?


aNarration

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bExplanation

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cSummary

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dOther information

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View Answer Narration

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