The other name of journal is____________?
A. Ledger
B. T account
C. Day book
D. Cash book
Accounting MCQs / Q&A
Discount allowed is a kind of deduction from_____________?
Discount allowed is a kind of deduction from_____________?
A. Account payable
B. Account receivable
C. Cash account
D. Discount account
Every business transaction affects at least ________ accounts?
Every business transaction affects at least ________ accounts?
A. One
B. Two
C. Three
D. Infinite
The process of recording transactions in different journals is called_________?
The process of recording transactions in different journals is called_________?
A. Posting
B. Entry making
C. Adjusting
D. Journalizing
General journal is a book of _______ entries?
General journal is a book of _______ entries?
A. First
B. Original
C. Secondary
D. Generic
Assets-Liabilities=____________?
Assets-Liabilities=____________?
A. Cash
B. Equity
C. Net income
D. Net expenses
Current assets – Current liabilities=?
Current assets – Current liabilities=?
A. Capital
B. Absorbed capital
C. Net assets
D. Net working capital
An increase in provision for bad debt will____________?
An increase in provision for bad debt will____________?
A. Decrease net income
B. Decrease liabilities
C. Increase net income
D. Increase liabilities
Depreciation decreases____________?
Depreciation decreases____________?
A. Liabilities
B. Cash
C. Bank
D. Capital
If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000 What is the Amount of total assets?
If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000 What is the Amount of total assets?
A. $5000
B. $10,000
C. $15,000
D. $20,000