1- The specimen ruling of a journal is divided into:
A). Three columns
B). Five columns✔️
C). Six columns
D). Two columns
2- In form of journal, the first column represents:
A). Ledger folio (L.F)
B). Date✔️
C). Amount
D). Debit
3- The particular column in journal form is the column for:
A). Account title and description✔️
B). Account title and date
C). Amount
D). Date
4- Accounting and journalizing rule, the page numbers of the ledger where the two concerned accounts have been posted are written in:
A). The first column of journal form
B). The second column of journal form
C). The third column of journal form✔️
D). The fourth column of journal form
5- Recording a transaction in the appropriate place of the concerned book of account is called:
A). An accounting record
B). A statement
C). An entry✔️
D). None of the above
6- A short explanation of each transaction is written under each entry which is called:
A). Narration✔️
B). Original entry
C). Subsidiary entry
D). Memorandum entry
7- The complete story of a transaction in one entry is shown by:
A). Voucher book
B). Journal✔️
C). Document
D). Day book
8- Any mistake in ledger can be easily detected with the help of:
A). Journal✔️
B). Balance sheet
C). Trial Balance
D). Financial statement
9- The entry in which more than one account is debited or more than one account is credited is known as:
A). Single entry
B). Compound entry✔️
C). Memorandum entry
D). None of the above
10- The money with which proprietor starts his business, is called:
A). Investment
B). Capital✔️
C). Cash
D). Loan
11- When proprietor brings capital in the business it is recorded m:
A). Capital a/c✔️
B). Proprietor a/c
C). Creditors a/c
D). Debtors a/c
12- Any cash or goods taken away by the proprietor for his personal use are call his:
A). Capital
B). Drawings✔️
C). Income
D). Expense
13- When goods are given away as charity or free samples, the purchases a/c should be:
A). Debited
B). Credited✔️
C). Recorded in balance sheet
D). None of the above
14- When goods are lost by fire or by theft or an accident, ‘ purchases a/c should be:
A). Credited✔️
B). Debited
C). Both of these
D). None of the above
15- Left side of asset account is for:
A). Recording decreases
B). Recording increases✔️
C). Recording the correction of errors
D). None of the above
16-Right side of an asset account is for:
A). Recording decreases✔️
B). Recording increases
C). Both A & B
D). None of the above
17- A business transaction affects:
A). At least one account
B). At least two accounts✔️
C). Maximum of three accounts
D). None of the above
18- Loss of goods by fire should be credited to:
A). Purchases a/c✔️
B). Sales a/c
C). Loss by goods by fire a/c
D). Capital a/c
19- Sales of goods to X for cash should be debited to:
A). Purchases
B). Cash✔️
C). Sales
D). Drawings a/c
20- A payment of rupees five hundred to Saeed Transporters for bringing a machine to our factory should be debited to:
A). Saeed Transporters
B). Machine a/c✔️
C). Cash a/c
D). Carriage
21- Rupees 500, with drawn by the owner for his private use should be credited to:
A). Owner’s drawings a/c
B). Expenses a/c
C). Cash a/c
D). Capital a/c✔️
22- Wages of workmen employed for setting up new machinery should be debited to:
A). Expenses a/c
B). Wages a/c
C). Machinery a/c✔️
D). Salaries a/c
23- Rs.10 received from Ali whose account was previously written off as bad debt should be credited to:
A). Ali’s account
B). Bad debts account✔️
C). Creditors a/c
D). None of the above
24- A purchase of furniture for cash should be debited to:
A). Cash account
B). Furniture account✔️
C). Purchases account
D). Fixture account
25-A with draw of cash from the business by proprietor should be debited to:
A). Cash account
B). Drawings account✔️
C). Capital account
D). Expense account
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