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MCQs

Total Questions : 842 | Page 8 of 85 pages
Question 71. The standard format of Journal does not include which of the following?
  1.    Assets column
  2.    Date column
  3.    Description column
  4.    Amount column
 Discuss Question
Answer: Option A. -> Assets column
Question 72. In which of the following order, data is entered into the Journal?
  1.    Alphabetical order
  2.    Numeric order
  3.    Bullets order
  4.    Chronological order
 Discuss Question
Answer: Option D. -> Chronological order
Question 73. Which of the following accounts will be credited if a company purchases building for cash?
  1.    Capital account
  2.    Fixed assets account
  3.    Building account
  4.    Cash account
 Discuss Question
Answer: Option D. -> Cash account
Question 74. Discount for quick repayment of debt is normally referred to as
  1.    Trade discount
  2.    Prompt payment discount
  3.    Cash discount
  4.    Bulk discount
 Discuss Question
Answer: Option C. -> Cash discount
Question 75. Which of the following specialized journal records "goods returned by customers"?
  1.    Purchase journal
  2.    Sales journal
  3.    Purchase return journal
  4.    Sales return journal
 Discuss Question
Answer: Option D. -> Sales return journal
Question 76. Transactions that a business does not record in any specialized journal are recorded in which of the following books?
  1.    Cash payment journal
  2.    Cash receipt journal
  3.    Purchases return journal
  4.    General journal
 Discuss Question
Answer: Option D. -> General journal
Question 77. Sales and purchase journal doesn't record
  1.    Credit sales
  2.    Credit purchases
  3.    Credit sales and purchases
  4.    Cash sales and purchases
 Discuss Question
Answer: Option D. -> Cash sales and purchases
Question 78. Cash received from debtor is recorded in which of the following specialized journals?
  1.    Purchase Journal
  2.    Sales Journal
  3.    Cash receipts journal
  4.    Cash payments journal
 Discuss Question
Answer: Option C. -> Cash receipts journal
Question 79. Which of the following is a type of cash receipt journal + cash payment journal?
  1.    Bank statement
  2.    Statement of cash flow
  3.    Cash book
  4.    Cash documents
 Discuss Question
Answer: Option C. -> Cash book
Question 80. Cash purchases is recorded in which of the following specialized journals?
  1.    Purchase Journal
  2.    Sales Journal
  3.    Purchase return journal
  4.    Cash payments journal
 Discuss Question
Answer: Option D. -> Cash payments journal

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