ACCOUNTS MCQ

posting of transaction means

• entering transaction in journal

• entering transaction in ledger

• entering transaction in trial balance

• entering transactions in financial statement

Goods worth rupees 7000 given away as charity should be credited to

• Sales account

• Purchases account

• Charity account

• Trustee account

Rupees 5000 received from Mohan whose account was written off as bad in the previous year should be credited to ....

• Mohan account

• Bad debts account

• Bad debts recovered account

• None of these

Anil purchased 1000 pens at the rate of 50 each less trade discount of 20%.. purchase account will be debited by

• 50000

• 40000

• 45000

• 60000

Journal is called a book of

• (a) primary entry

• (b) secondary entry

• (c) final entry

• (d) none of the above

Business transactions are recorded

• (a) in chronological order

• (b) weekly

• (c) at the end of the month

• (d) all of these

A compound journal entry

• (a) has equal debits and credits

• (b) generally extends to several pages

• (c) does not require narration

• (d) all of these

Which of the following accounts will be credited on giving cash donation ?

• (a) Cash A/c

• (b) Donation A/c

• (c) Purchases A/c

• (d) None of these

A withdrawal of cash from business by the proprietor is credited to

• (a) Drawings A/c

• (b) Capital A/c

• (c) Cash A/c

• (d) None of these

First computers purchased computers from HCL Ltd. and availed both trade discount and cash discount. The transactions recorded in the books of account will be for :

• (a) Net invoice value and cash discount

• (b) Trade discount , gross invoice value and cash discount

• (c) none of the above

• (d) any of (a) and (b)