1- Goods of the value of Rs.1000 are given away as charity, this account should be debited to:
A). Charity account✔️
B). Sales account
C). Purchases account
D). Asset account
2- Furniture purchased for private use of a partner should be debited to:
A). Furniture account
B). Partner’s capital account
C). Purchases account
D). Partner’s drawings account✔️
3- The amount of salary paid to Imran should be debited to:
A). The account of Imran
B). Salaries account✔️
C). Cash account
D). Wages account
4- The return of goods by a customer should be debited to:
A). Customer’s account
B). Sales Returns account✔️
C). Goods account
D). Purchases account
5- The rent paid to the landlord should be credited to:
A). Landlord’s account
B). Rent account
C). Cash account✔️
D). Rent outstanding account
6- The Cash discount allowed to a debtor should be credited to:
A). Discount account
B). Customer’s account
C). Sales a/c
D). Creditor’s account✔️
7- In case of a debt becoming bad, the amount should be debited to:
A). Debtor’s account✔️
B). Bud debts account
C). Sales account
D). Creditor’s account
8- The sale of business asset on credit is recorded in:
A). Sales journal
B). General journal✔️
C).Cash receipt journal
D). None of the above
9- The Book in which accounts are maintain is called:
A). Day book
B). Journal
C). Ledger✔️
D). Sales book
10- The debits and credits of journalized transactions are transferred to:
A). Chronological book
B). Ledger✔️
C). Journal
D). Purchases book
11- The closing balance of the current year will be the opening balance of the:
A). Last year
B). Current year
C). Next year✔️
D). None of the above
12- Excess of debit over credit is called:
A). Debit balance✔️
B). Credit balance
C). Closing balance
D). Opening balance
13- The process of recording a transaction in ledger is called:”
A). Posting✔️
B). Journalizing
C). Entry
D). Recording
14- Which one of the following is called the king of all books of account:
A). The cash book
B). Journal
C). Ledger✔️
D). Balance
15- The unit of classification of data within the ledger is the:
A). Transaction
B). Account✔️
C). Compound entry
D). Memorandum entry
16- The closing debit balance falls on the:
A). Credit side✔️
B). Debit Side
C). Both A & B
D). None of the above
17- The journal reference ( j.R) helps in locating the entry easily in:
A). Ledger
B). Journal✔️
C). Trial Balance
D). Balance sheet
18- The process of equalizing the two sides of an account is known as:
A). Balancing✔️
B). Journalizing
C). Posting
D). None of the above
19- While balancing art account the difference of the two sides is recorded on:
A). Larger side
B). Small side✔️
C). Both A & B
D). None of the above
20- Expenses normally shares:
A). Debit balance✔️
B). Credit balance
C). Debit and credit balance both
D). None of the above
21- Liabilities normally shows:
A). Debit balance
B). Credit balance✔️
C). Both A & B
D). None of the above
22- Accounts of revenue normally have:
A). Debit balance
B). Credit balance✔️
C). Both debit and credit balance
D). None of the above
23- Assets normally has:
A). Debit balance✔️
B). Credit balance
C). Debit and credit balance both
D). None of the above
24- Excess of credit over debit is called:
A). Debit balance
B). Credit balance✔️
C). Opening balance
D). None of the above
25- If the two sides of an account are equal, that account will Shows:
A). Zero balance✔️
B). Debit balance
C). Credit balance
D). None of the above
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