📒Accounting MCQs
Accounting MCQs
397 MCQs31
Credit purchase of plant and machinery is recorded in which of the following journals?
AGeneral journal
BCash journal
CPurchase journal
DPurchase return journal
32
A brief explanation recorded below every entry in general journal is commonly known as__________?
ANarration
BExplanation
CSummary
DOther information
33
Cash purchases is recorded in which of the following specialized journals?
APurchase journal
BSales journal
CPurchases return journal
DCash payments journal
34
Which of the following is a type of cash receipt journal + cash payment journal?
ABank statement
BStatement of cash flow
CCash book
DCash documents
35
Cash received from debtor is recorded in which of the following SPECIALIZED journals?
APurchase journal
BSales journal
CCash receipts
DCash payments journal
36
Sales and purchase journal don’t record__________?
ACredit sales
BCredit purchases
CCredit sales and purchases
DCash sales and purchases
37
Which of the following is the external user of financial statements?
AManager of the business
BCEO of the business
CCreditor of the business
DController of the business
38
Auditing is what?
AReporting the financial information
BExamination of financial statements
CPreparation financial statements
Dmaintaining the ledger records
39
Keeping the log of financial information in books of original entries is called__________?
ARecording
Bsummarizing
CGrouping
DProcessing
40
For which step of accounting process the accountants of business entity prepare financial statements?
AIdentification of economic event
BCommunication of financial information
CRecording financial information
DMaking decisions about business