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1)

The process of recording is done

A)  Two times a year WRONG ANSWER

B)  once a yearWRONG ANSWER

C)  Frequently during the accounting periodRIGHT ANSWER!!!

D)  At the end of a accounting periodWRONG ANSWER


2)

General journal is a book of _______ entries

A)  FirstWRONG ANSWER

B)  OriginalRIGHT ANSWER!!!

C)  SecondaryWRONG ANSWER

D)  GenericWRONG ANSWER


3)

The process of recording transactions in different journals is called

A)  PostingWRONG ANSWER

B)  Entry makingWRONG ANSWER

C)  AdjustingWRONG ANSWER

D)  JournalizingRIGHT ANSWER!!!


4)

Every business transaction affects at least ________ accounts

A)  OneWRONG ANSWER

B)  TwoRIGHT ANSWER!!!

C)  ThreeWRONG ANSWER

D)  InfiniteWRONG ANSWER


5)

Discount allowed is a kind of deduction from

A)  Account payableWRONG ANSWER

B)  Account receivableRIGHT ANSWER!!!

C)  Cash accountWRONG ANSWER

D)  Discount accountWRONG ANSWER


6)

The other name of journal is

A)  LedgerWRONG ANSWER

B)  T accountWRONG ANSWER

C)  Day book RIGHT ANSWER!!!

D)  Cash bookWRONG ANSWER


7)

A journal entry in which two or more account is debited or credited is referred as

A)  Journal entryWRONG ANSWER

B)  Multi entryWRONG ANSWER

C)  Additional entryWRONG ANSWER

D)  Compound entryRIGHT ANSWER!!!


8)

The term 2/10-n/30 implies that ______ % discount will be given if the payment is made within _____ days or full amount is receivable within 30 days

A)  2,10RIGHT ANSWER!!!

B)  10,2WRONG ANSWER

C)  10,30WRONG ANSWER

D)  3,15WRONG ANSWER


9)

Goods returned by customer should be debited to which of the following accounts?

A)  Sales income accountWRONG ANSWER

B)  Sales accountWRONG ANSWER

C)  Return inward accountRIGHT ANSWER!!!

D)  Expenses accountWRONG ANSWER


10)

Discount allowed is

A)  Expense of businessRIGHT ANSWER!!!

B)  Income of business WRONG ANSWER

C)  Loss of business WRONG ANSWER

D)  Abnormal loss of businessWRONG ANSWER







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