Question # 1

All the transactions recorded to credit sales are recorded in:

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Sale return book

Sales book

Cash book

Debtor's book

In double entry system of bookkeeping every business transaction affects:

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Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

A schedule of balances of all accounts is called

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Journal

Ledger

Balance Sheet

Trial Balance

The statement which contains the explanation of different in cash book and bank statement is known as:

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Bank statement

Cash statement

Balance statement

Bank reconciliation statement

Written below each entry is the

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Transaction

Voucher no

Narration

Date

Contain all residual account

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Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

Bank account is a:

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Personal account

Real account

Nominal account

None of these

Debit Signifies

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Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

Book-keeping is mainly concerned with:

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Recording of business transactions

Recording classifying and summarizing the recorded data

Interpreting the recorded data

None of the above

A trial balance can be constructed by

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Three Methods

Two Methods

Four Methods

Five Methods

The first successful step of Double Entry System is

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Leger

Journal

Final Account

Trial Balance

Record of business transaction in the journal is called

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Detail

Summary

Narration

Entry

In case of a debt becoming bad, the amount should be credited to

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Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

A table lost by fire should be debited to

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Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

The book use to record all credit purchases is called:

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Purchases book

Purchase return book

Cash book

Creditor book

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Principles of accounting Icom Part 1 English Medium Chapter 2 Online Test MCQs With Answers

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