Question # 1

The process of recording business transactions in the journal is called

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Posting

Classifying

Journalising

Entry

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

Goods returned to supplier should be credited to:

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Supplier A/c

Purchase return A/c

Sales return A/c

Purchases A/c

Freight paid on machinery purchased is a

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Revenue expenditure

Capital expenditure

Capital loss

Revenue loss

Bank reconciliation is prepared by

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Bank

Creditors

Auditor

Accountant

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

Pass book is prepared in the book of

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Bank

Guarantor

Customer

None of these

Prepaid expenses are

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Expense

Liability

Asset

None of these

Goods returned by a customer should be debited to

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Sales A/c

Customer A/c

Purchase A/c

Sales return A/c

Which of these is a fixed asset:

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Cash

Plant

Stock

Prepaid expenses

Compound entry affected at least

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Two account

One account

Three account

Four account

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