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
Category: Accounting Mcqs
A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________??
A. Error of omission
B. Error of commission
C. Compensating error
D. Error of principle
Provision is created for____________??
A. Unknown Liabilities
B. Known Liabilities
C. Creation of Secret Reserves
D. All the Three
_________ will be credited if goods are given as charity??
A. Cash
B. Charity
C. Purchases
D. Sales
Capital increases if __________ increases ?
A. Expenses
B. Drawings
C. Interest on capital
D. Revenue
Continue reading “Capital increases if __________ increases ?”
Favorable balance of cash book implies that?
A. Credit balance of cash book
B. Debit balance of cash book
C. Bank overdraft
D. Adjusted balance of cash book
A foreign bill of exchange is generally drawn up in___________??
A. Triplicate
B. Duplicate
C. Single
D. Quadruplicate
Purchase journal is kept to record_____________??
A. All purchases of goods
B. All credit purchases of goods
C. All credit purchases
D. None of these
Which of the following is true??
A. Error of casting affects personal accounts
B. Omission of a transaction from a subsidiary record affects only one account
C. Error of carry forward affects two accounts
D. Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue
Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).?
A. Cash receipt journal
B. Cash payment journal
C. Cash book
D. Financial statements
