Journal Entry 11-20

Accrued expenses are also called?

Expenses incurred but not paid

Unpaid liability

All of the given options

Accrued liabilities

Correct! Wrong!

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

Only Cash Account

Only Purchases Account

Only Furniture Account

Cash & Furniture Account

Correct! Wrong!

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

General Journal

Receipt and Payment Account

Trial Balance

General Ledger

Correct! Wrong!

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

Account

Voucher

General Journal

General Ledger

Correct! Wrong!

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

Contributed Capital

Revenues

Expenses

Retained Earnings

Correct! Wrong!

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

Greek, debere and credere

Latin, debere and credere

Latin, debtor and creditor

Greek, debtor and creditor

Correct! Wrong!

Commission received is an example of?

Personal A/c

Real A/c

None of the given options

Nominal A/c

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

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

Payment in full is due 30 days after date of the invoice

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?

Bank account

Cash account

Vehicle account

Business account

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Receivable _ Ahmed

Account Payable _ Ahmed

Purchases A/c

Cash A/c

Correct! Wrong!

Accrued expenses are also called?

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

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

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

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

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

Commission received is an example of?

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

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

Purchased goods from Ahmed for cash should be credited to?

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