Journals are also referred as_____________?

A. prime cost.
B. factory cost.
C. distribution cost.
D. production cost

Which of these errors affect two or more accounts

A. Errors of complete omission
B. Errors of principle
C. Errors of posting to wrong account
D. All the three

Bank reconciliation statement is a part of_________?

A. Cash book
B. Trial balance
C. Auditors report
D. None of these

Which of the following is true regarding closing entries?

A. They must be followed by reversing entries
B. They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account
C. They must be made after the reversing entries but before the adjusting entries
D. They must be made after the adjusting entries but before the reversing entries

Closing entries are required to transfer the nominal accounts to the Profit & Loss Account and the Trading account. Real accounts and personal account are not closed to Profit & Loss Account or Trading Account. Their balance is carried in the Balance Sheet and appears as opening Balance in the next accounting period.

The periodic total of purchase day book is posted to____________?

A. Purchase register
B. Purchase A/c
C. Cash purchase A/c
D. Credit purchase A/c

Assets-Liabilities=____________?

A. Cash
B. Equity
C. Net income
D. Net expenses