MCQs / Q&A

Sales and purchase journal don’t record__________?

A. Credit sales
B. Credit purchases
C. Credit sales and purchases
D. Cash sales and purchases

Which of the following specialised journals will record “goods returned by the BUSINESS “?

A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal

Another name of journal is_____________?

A. Specialized journal
B. Day book
C. Cash book
D. Record book

Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?

A. Cash payments journal
B. Cash receipts journal
C. Purchases return journal
D. General journal

Sales on credit is recorded in which of the following journal?

A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal

Which of the following specialized journals records “goods returned by customers”?

A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal

Which of the following account with normal balance is shown at the credit side of a trial balance?

A. Cash account
B. Bank account
C. Equipment account
D. Accrued expenses account

Which of the following account with normal balance is shown at the debit side of a trial balance?

A. Rent income account
B. Creditors account
C. Unearned income account
D. Cash account

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

A. Arithmetic accuracy
B. Errors of commission
C. Omissions of economic events
D. Understatements of balances

Which of the following will affect the agreement of a trial balance?

A. Complete omission of a transaction
B. Partial omission of a transaction
C. Error of principle
D. Compensating errors