Cash received from debtor is recorded in which of the following SPECIALIZED journals??
A. Purchase journal
B. Sales journal
C. Cash receipts
D. Cash payments journal
Category: Accounting Mcqs
An account records the ___________ in the balance of an item??
A. Increase
B. Decrease
C. Increase or decrease
D. Appreciation
Favorable balance of bank statement implies that?
A. Credit balance
B. Debit balance
C. Bank overdraft
D. Adjusted balance
Investment in own share A/c appears in____________??
A. Asset side
B. Liability side
C. Netted from Capital
D. Profit
Sales and purchase journal don’t record__________??
A. Credit sales
B. Credit purchases
C. Credit sales and purchases
D. Cash sales and purchases
Which of the following statements is /are true??
A. Entering wrong amount in the subsidiary book affects the agreement of the Trial Balance
B. Undercasting or overcastting of a subsidiary book is an example or error of commission
C. Errors of principle do not affect the agreement of Trial Balance
D. Both
B. and
C. above
Introduction capital by owner of business is recorded on which side of a cash book??
A. Receipts
B. Payments
C. Incomes
D. Expenditures
Capital of a business decreases if there is an increase in___________??
A. Drawings
B. Income
C. Gains
D. Fresh capital
The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to??
A. General Reserve A/c
B. Profit
The systems of accounting are _____________??
A. Two
B. Three
C. Five
D. Six
