FABM

Which of the terms given below will be regarded as the book of original entry?

• Trial Balances

• General Journal

• General Ledger

• Payment and Receipt account

The shareholder’s equity will not be affected by the following transactions?

• The total net loss incurred

• The land purchase made from proceeds of a bank loan

• The dividends to stockholders

• The investment of the cash by the stockholders

The cash withdrawal due to business from the proprietor should be put into which account?

• The cash account

• The capital accounts

• The purchase accounts

• The drawings account

All the transactions of an organisation should be first recorded into which book or account?

• The book of final entry

• The book of original entry

• The equation of accounting

• T accounts

Which of the following statements concerning journal entries are not correct?

• The account balance is a provided by the journal entries

• The journal entries show the effect of transactions

• The debited account titles are listed first in the journal

• Each journal entry should start with the date

The goods which the customers return will be debited to which of the following accounts?

• The return inward

• The return outward

• The account of the purchases

• The customer A/C

The journalist transactions are recorded in which order?

• The alphabetical order

• The chronological order

• The increasing order

• The decreasing order

What is the journal alternatively called?

• The ledger books

• A book of the history of transactions

• The day books

• The entry book of transactions

The process in which the transactions are recorded in various journals is called:

• ENTRY MAKING

• POSTING

• ADJUSTING

• JOURNALIZING

What is the minimum number of accounts affected by any business transaction?

• FOUR

• ONE

• TWO

• INDEFINITE