Journal Entry 11-20

Commission received is an example of?

Nominal A/c

Personal A/c

Real A/c

None of the given options

Correct! Wrong!

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

Contributed Capital

Revenues

Expenses

Retained Earnings

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!

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

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?

Business account

Cash account

Bank account

Vehicle account

Correct! Wrong!

Accrued expenses are also called?

Accrued liabilities

All of the given options

Expenses incurred but not paid

Unpaid liability

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!

Purchased goods from Ahmed for cash should be credited to?

Account Receivable _ Ahmed

Purchases A/c

Cash A/c

Account Payable _ Ahmed

Correct! Wrong!

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

Latin, debtor and creditor

Latin, debere and credere

Greek, debtor and creditor

Greek, debere and credere

Correct! Wrong!

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

General Ledger

Voucher

General Journal

Account

Correct! Wrong!

Journal Entry 11-20

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

Commission received is an example of?

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

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

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?

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?

Purchased goods from Ahmed for cash should be credited to?

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?

Search