Journal Entry 11-20

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

Greek, debere and credere

Latin, debtor and creditor

Latin, debere and credere

Greek, debtor and creditor

Correct! Wrong!

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

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 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 10 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

Vehicle account

Cash account

Business account

Correct! Wrong!

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

Revenues

Contributed Capital

Retained Earnings

Expenses

Correct! Wrong!

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

General Journal

Voucher

General Ledger

Account

Correct! Wrong!

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

Only Furniture Account

Only Purchases Account

Cash & Furniture Account

Only Cash Account

Correct! Wrong!

Accrued expenses are also called?

All of the given options

Accrued liabilities

Expenses incurred but not paid

Unpaid liability

Correct! Wrong!

Commission received is an example of?

Personal A/c

Nominal A/c

Real A/c

None of the given options

Correct! Wrong!

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

Trial Balance

Receipt and Payment Account

General Ledger

General Journal

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Payable _ Ahmed

Account Receivable _ Ahmed

Purchases A/c

Cash A/c

Correct! Wrong!

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

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?

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

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

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

Accrued expenses are also called?

Commission received is an example of?

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

Purchased goods from Ahmed for cash should be credited to?

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