Discount allowed is___________?
A. Expense of business
B. Income of business
C. Loss of business
D. Abnormal loss of business
MCQs / Q&A
Goods returned by customer should be debited to which of the following accounts?
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?
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 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
The other name of journal is____________?
The other name of journal is____________?
A. Ledger
B. T account
C. Day book
D. Cash book
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