The periodic total of purchase day book is posted to____________??
A. Purchase register
B. Purchase A/c
C. Cash purchase A/c
D. Credit purchase A/c
Category: Accounting Mcqs
Cash book records:______________??
A. Cash payments
B. Cash receipts
C. Cash payments and cash receipts
D. Neither cash payments nor cash receipts
Which of the following statements is correct about Trial Balance??
A. The Trial Balance is prepared after preparing the Profit and Loss Account
B. The Trial Balance shows only balances of Assets and Liabilities
C. The Trial Balance shows only nominal account balances
D. The Trial Balance has no statutory importance from the point of view of law
Liabilities are which of the following??
A. Resources
B. Obligations
C. Future benefits
D. Expenses
Journal proper is meant for recording_____________??
A. Credit purchase of fixed assets
B. Return of goods
C. All such transactions for which no special journal has been kept by the business
D. None of these
When owner withdraw cash for its private use, it is called ___________??
A. Profit
B. Income
C. Expense
D. Drawing
Postdated checks are considered as__________??
A. Cash
B. Bank balance
C. Accounts receivable
D. Cash reserve
In accounting an Economic event is referred to as:?
A. Cash
B. Bank statement
C. Transaction
D. Exchange of money
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 is a type of cash receipt journal cash payment journal??
A. Bank statement
B. Statement of cash flow
C. Cash book
D. Cash documents
