Journal Entry (11-20)

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

Cash & Furniture Account

Only Furniture Account

Only Cash Account

Only Purchases 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 30 days after date of the invoice

Payment in full is due 10 days after date of the invoice

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!

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

Greek, debere and credere

Latin, debere and credere

Greek, debtor and creditor

Latin, debtor and creditor

Correct! Wrong!

Accrued expenses are also called?

Expenses incurred but not paid

All of the given options

Unpaid liability

Accrued liabilities

Correct! Wrong!

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

Expenses

Retained Earnings

Revenues

Contributed Capital

Correct! Wrong!

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

General Ledger

Trial Balance

General Journal

Receipt and Payment Account

Correct! Wrong!

Commission received is an example of?

Real A/c

Personal A/c

Nominal A/c

None of the given options

Correct! Wrong!

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

Voucher

General Ledger

General Journal

Account

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!

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

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

Purchased goods from Ahmed for cash should be credited to?

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

Accrued expenses are also called?

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

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

Commission received is an example of?

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

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

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