Accounting Mcqs

Page No. 66

In accounting an Economic event is referred to as:


aCash


bBank statement


cTransaction


dExchange of money


View Answer Transaction

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


aGeneral journal


bCash journal


cPurchase journal


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


bCash payments journal


cSales journal


dPurchase journal


View Answer Cash payments journal

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


aCash receipts journal


bGeneral journal


c Source document


dCash book


View Answer Source document

Specialized journals are more adequate for which TYPE OF BUSINESSES?


aSmall businesses


bBig businesses


cSole proprietorship


dPartnership


View Answer Big businesses

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


aPurchase journal


bSales return journal


cGeneral journal


dCash receipt journal


View Answer Sales return journal

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


aPurchase journal


bSales journal


cGeneral journal


dCash receipt journal


View Answer General journal

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


aGeneral journal


bCash journal


cPurchase journal


dPurchase return journal



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


aGeneral journal


bCash journal


cPurchase journal


dPurchase return journal


View Answer General journal

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


aNarration


bExplanation


cSummary


dOther information


View Answer Narration

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