Journal Entry 11-20

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

Bank account

Business account

Cash account

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Payable _ Ahmed

Purchases A/c

Cash A/c

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 Purchases Account

Only Furniture Account

Only Cash Account

Cash & Furniture Account

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!

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 30 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 20 days

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

Correct! Wrong!

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

Retained Earnings

Expenses

Contributed Capital

Revenues

Correct! Wrong!

Accrued expenses are also called?

Unpaid liability

All of the given options

Accrued liabilities

Expenses incurred but not paid

Correct! Wrong!

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

Receipt and Payment Account

Trial Balance

General Journal

General Ledger

Correct! Wrong!

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

General Journal

Account

General Ledger

Voucher

Correct! Wrong!

Commission received is an example of?

Real A/c

Nominal A/c

Personal A/c

None of the given options

Correct! Wrong!

Journal Entry 11-20

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

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?

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 accounts would be increased with a debit?

Accrued expenses are also called?

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

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

Commission received is an example of?

Search