Journal Entry 11-20

Purchased goods from Ahmed for cash should be credited to?

Purchases A/c

Account Payable _ Ahmed

Cash A/c

Account Receivable _ Ahmed

Correct! Wrong!

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

General Journal

General Ledger

Voucher

Account

Correct! Wrong!

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

Greek, debtor and creditor

Latin, debtor and creditor

Greek, debere and credere

Latin, debere and credere

Correct! Wrong!

Accrued expenses are also called?

Accrued liabilities

Expenses incurred but not paid

All of the given options

Unpaid liability

Correct! Wrong!

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

General Ledger

General Journal

Receipt and Payment Account

Trial Balance

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!

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

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

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

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 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!

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

Expenses

Contributed Capital

Revenues

Retained Earnings

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

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

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

Accrued expenses are also called?

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

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

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

Commission received is an example of?

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?

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