📒Accounting MCQs
Accounting MCQs
397 MCQs21
Which of the following specialized journals records “goods returned by customers”?
APurchase journal
BSales journal
CPurchases return journal
DSales return journal
22
Which of the following account with normal balance is shown at the credit side of a trial balance?
ACash account
BBank account
CEquipment account
DAccrued expenses account
23
Which of the following account with normal balance is shown at the debit side of a trial balance?
ARent income account
BCreditors account
CUnearned income account
DCash account
24
If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.
AArithmetic accuracy
BErrors of commission
COmissions of economic events
DUnderstatements of balances
25
Which of the following will affect the agreement of a trial balance?
AComplete omission of a transaction
BPartial omission of a transaction
CError of principle
DCompensating errors
26
Trial balance is commonly prepared?
AFrequently during the year
BAt the end of an accounting period
CAt the end of a month
DAt the end of a year
27
Debit balance = Credit balance in a trial balance indicates that:
ANo error in recording transactions
BNo error in posting entries to ledger accounts
CAccount balances are correct
DMathematically Capital+Liabilities=Assets
28
Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?
APurchase journal
BSales return journal
CGeneral journal
DCash receipt journal
29
SALE of old furniture” will be recorded in which of the following specialised journals?
APurchase journal
BSales journal
CGeneral journal
DCash receipt journal
30
Debit note is the basis for recording a transaction in which of the following journals?
AGeneral journal
BCash journal
CPurchase journal