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MCQs

Total Questions : 842 | Page 9 of 85 pages
Question 81. A brief explanation recorded below every entry in General Journal is commonly known as
  1.    Narration
  2.    Explanation
  3.    Summary
  4.    Other Information
 Discuss Question
Answer: Option A. -> Narration
Question 82. Debit note is the basis for recording a transaction in which of the following journals?
  1.    General journal
  2.    Cash journal
  3.    Purchase journal
  4.    Purchase return journal
 Discuss Question
Answer: Option D. -> Purchase return journal
Question 83. Credit note is the basis for recording a transaction in which of the following journals?
  1.    Purchase Journal
  2.    Sales return journal
  3.    General journal
  4.    Cash receipt journal
 Discuss Question
Answer: Option B. -> Sales return journal
Question 84. Specialized journals are more adequate for which type of businesses?
  1.    Small businesses
  2.    Big businesses
  3.    Sole proprietorship
  4.    Partnership
 Discuss Question
Answer: Option B. -> Big businesses
Question 85. Transferring entries from journal to ledger account is commonly known as
  1.    Recording
  2.    Transferring
  3.    Posting
  4.    Entry making
 Discuss Question
Answer: Option C. -> Posting
Question 86. _____ will be credited if goods are given as charity
  1.    Cash
  2.    Charity
  3.    Purchases
  4.    Sales
 Discuss Question
Answer: Option C. -> Purchases
Question 87. An 'account' records the ______ in the balance of an item
  1.    Increase
  2.    Decrease
  3.    Increase or decrease
  4.    Appreciation
 Discuss Question
Answer: Option C. -> Increase or decrease
Question 88. Which of the following is known as the base for preparing trial balance?
  1.    Journal
  2.    Cash account
  3.    Ledger account
  4.    Balance Sheet
 Discuss Question
Answer: Option C. -> Ledger account
Question 89. The normal balance of capital account is
  1.    Credit balance
  2.    Debit balance
  3.    Cash balance
  4.    Neither debit nor credit balance
 Discuss Question
Answer: Option A. -> Credit balance
Question 90. Which of the following statements is incorrect regarding capital account?
  1.    Debit increases the capital account balance
  2.    Credit increases the capital account balance
  3.    Fresh capital increases the capital account balance
  4.    Net income increases the capital account balance
 Discuss Question
Answer: Option A. -> Debit increases the capital account balance

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