Accounting MCQs / Q&A

In which of the following orders data is entered in journal?

A. Alphabetical order
B. Numeric order
C. Bullets order
D. Chronological order

The standard format of journal does not include which of the following?

A. Assets column
B. Date column
C. Description column
D. Amount column

Journals are also referred as_____________?

A. Book of entries
B. Book of original entries
C. T account
D. Books of economic event

Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

A. Drawings
B. Cash
C. Business
D. Stock

Which of the following will be debited if a business purchases goods on credit?

A. Cash
B. Debtor
C. Creditor
D. Purchases

_________ is the evidence that a transaction took place?

A. Source documents
B. Ledger
C. Bonds
D. Journals

Discount allowed is___________?

A. Expense of business
B. Income of business
C. Loss of business
D. Abnormal loss of business

Goods returned by customer should be debited to which of the following accounts?

A. Sales income account
B. Sales account
C. Return inward account
D. Expenses account

he term 2/10-n/30 implies that ______ % discount will be given if the payment is made within days or full amount is receivable within 30 days?

A. 2,10
B. 10,2
C. 10,30
D. 3,15

A journal entry in which two or more account is debited or credited is referred as____________?

A. Journal entry
B. Multi entry
C. Additional entry
D. Compound entry