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Friday 29 April 2016

Accounting MCQs Part 8

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71. Goods returned by customer should be debited to which of the following accounts?
A. Return inward account
B. Sales income account
C. Sales account
D. Expenses account

72. Credit purchase of plant and machinery is recorded in which of the following  journals?
A. Purchase return journal
B. Cash journal
C. General journal
D. Purchase journal

73. The standard format of journal does not include which of the following?
A. Description column
B. Date column
C. Assets column
D. Amount column

74. In accounting an Economic event is referred to as:
A. Transaction
B. Exchange of money
C. Cash
D. Bank statement

75. An asset posses which of the following?
A. Expenses for the business
B. All kind of benefits for the business
C. Future economic benefits for the business
D. Merits and Demerits for the business

76. Net loss occurs when?
A. Expenses are less than Income
B. Expenses are greater than Income
C. Expenses=Income
D. Liabilities are greater than income

77. BUSINESS  paid rent amounting to $100" which of the following specialized journals records this transaction?
A. Cash receipts journal
B. Sales journal
C. Purchase journal
D. Cash payments journal

78. Which of the following accounts will be debited if the business's owner withdraws cash from business for his personal use?
A. Cash
B. Business
C. Drawings
D. Stock

79. Which of the following is a type of cash receipt journal + cash payment journal?
A. Cash documents
B. Bank statement
C. Cash book
D. Statement of cash flow

80. SALE of old furniture" will be recorded in which of the following specialized journals?
A. Purchase journal
B. General journal
C. Sales journal
D. Cash receipt journal

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