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
Category: Accounting Mcqs
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
Which of the following statements is/are true ??
A. A sale of an asset is recorded in the Sales Book
B. Total of Return Outward Book is debited to Return Outward Account
C. The balance of Petty Cash Book is a liability
D. Cash Book is a subsidiary book as well as a ledger
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
Institute of Chartered Accountants of Pakistan was established in____________??
A. 1949
B. 1956
C. 1961
D. 1972
The Profit and Loss Account shows the:?
A. Financial results of the concern for a period
B. Financial position of the concern on a particular date
C. Financial results of the concern on a particular date
D. Cost of goods sold during the period
