A. Cash
B. Charity
C. Purchases
D. Sales
_________ will be credited if goods are given as charity? Read More »
Accounting MCQs / Q&A, Ledger A. Cash at bank
B. Bank understatement
C. Bank overdraft
D. Balance overstatement
A. Bank overdraft
B. Cash at bank
C. Bank balance
D. Current Asset
A. Increase
B. Decrease
C. Increase or decrease
D. Appreciation
An account records the ___________ in the balance of an item? Read More »
Accounting MCQs / Q&A, Ledger A. Recording
B. Transferring
C. Posting
D. Entry making
Transferring entries from journal to ledger account is commonly known as____________? Read More »
Accounting MCQs / Q&A, LedgerWhich of the following accounts can be classified as a real account?
A. Rent expenses account
B. Rent income account
C. insurance expenses account
D. Cash account
Which of the following accounts can be classified as a real account? Read More »
Accounting MCQs / Q&AIdentify the nominal account
A. Machinery account
B. Building account
C. Creditors account
D. Rent expenses account
Identify the nominal account Read More »
Accounting MCQs / Q&ADouble entry implies that
A. Recording entries in journal
B. Recording entries in Ledger account
C. Recording two aspects of every transaction
D. Recording every transaction in books
Double entry implies that Read More »
Accounting MCQs / Q&ANet loss occurs when______________?
A. Expenses are greater than Income
B. Expenses are less than Income
C. Expenses=Income
D. Liabilities are greater than income
Net loss occurs when______________? Read More »
Accounting MCQs / Q&A_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
A. Depreciation
B. Drawings
C. Outflow of cash
D. Appreciation
