Commission received is an example of?

None of the given options

Real A/c

Personal A/c

Nominal A/c

Correct! Wrong!

Accrued expenses are also called?

Accrued liabilities

Expenses incurred but not paid

All of the given options

Unpaid liability

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

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, debtor and creditor

Greek, debere and credere

Latin, debere and credere

Greek, debtor and creditor

Correct! Wrong!

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

Voucher

General Journal

Account

General Ledger

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Payable _ Ahmed

Purchases A/c

Account Receivable _ Ahmed

Cash A/c

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

Cash & Furniture Account

Only Purchases Account

Only Furniture Account

Correct! Wrong!

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

Retained Earnings

Contributed Capital

Revenues

Expenses

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?

Vehicle account

Cash account

Business account

Bank account

Correct! Wrong!

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

General Journal

Trial Balance

General Ledger

Receipt and Payment Account

Correct! Wrong!

Journal Entry 11-20

Commission received is an example of?

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

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?

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

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 called book of original entry?

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