Purchased goods from Ahmed for cash should be credited to?

Purchases A/c

Cash A/c

Account Payable _ Ahmed

Account Receivable _ Ahmed

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 Furniture Account

Cash & Furniture Account

Only Purchases Account

Correct! Wrong!

Commission received is an example of?

Nominal A/c

Personal A/c

None of the given options

Real A/c

Correct! Wrong!

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

Receipt and Payment Account

General Journal

General Ledger

Trial Balance

Correct! Wrong!

Accrued expenses are also called?

All of the given options

Expenses incurred but not paid

Unpaid liability

Accrued liabilities

Correct! Wrong!

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

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

Payment in full is due 10 days after date of the invoice

Payment in full is due 30 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 30 days

Correct! Wrong!

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

Latin, debere and credere

Greek, debtor and creditor

Greek, debere and credere

Latin, debtor and creditor

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?

Cash account

Vehicle account

Business account

Bank account

Correct! Wrong!

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

Voucher

General Ledger

Account

General Journal

Correct! Wrong!

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

Revenues

Contributed Capital

Expenses

Retained Earnings

Correct! Wrong!

Journal Entry 11-20

Purchased goods from Ahmed for cash should be credited to?

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

Commission received is an example of?

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

Accrued expenses are also called?

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

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

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

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?

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