Journal, Ledger and Trial Balance

Word journal is derived from French word “Jour” which means day, Thats’ why it is callled “Day Book”. Business transactions are recorded in journal chronologically. Whereas, in business all accounts have their separate page is called ledger. Finally, Trial Balance is very useful in business. It shows the arithmetical accuracy of Ledger and Debit and credit balance are recorded in trial balance.

FOLLOWING ARE MCQs RELATED TO JOURNAL, LEDGER & TRIAL BALANCE

1)  Sales to Mohsin on account should be debited to:

(A)  Cash A/C

(B)  Sales A/C

(C)  Mohsin

(D)  Account Receivable

[efaccordion id=”01″] [efitems title=”Answer” text=”Option C“] [/efaccordion]

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2) Amount of interest paid to Ali should be debited to:

(A)  Ali A/C

(B)  Interest A/C

(C)  Cash A/C

(D)  A/C Payable

[efaccordion id=”01″] [efitems title=”Answer” text=”Option B“] [/efaccordion]

3)  Amount invested by the proprietor in the business should be credit to:

(A)  Cash

(B)  Drawing

(C)  A/c payable

(D) Capital

[efaccordion id=”01″] [efitems title=”Answer” text=”Option D“] [/efaccordion]

4)  Goods returned to supplier should be debited to:

(A)  Sales return

(B)  Return outward

(C) Return inward

(D)  Supplier’s Account

[efaccordion id=”01″] [efitems title=”Answer” text=”Option D“] [/efaccordion]

5)  Customer goods returned should be credited to:

(A)  Customer’s A/C

(B)  Return inward

(C)  Return outward A/C

(D)  Purchases A/C

[efaccordion id=”01″] [efitems title=”Answer” text=”Option B“] [/efaccordion]

6)  Goods returned from Khubaib should be credited to:

(A)  Purchase Return

(B)  Return outward

(C)  Cash A/C

(D)  Khubaib A/C

[efaccordion id=”01″] [efitems title=”Answer” text=”Option D“] [/efaccordion]

7)  A journal entry that requires more than two accounts is called:

(A)  Double entry

(B)  Compound entry

(C)  Combined entry

(D)  Single entry

[efaccordion id=”01″] [efitems title=”Answer” text=”Option B“] [/efaccordion]

8)  Cash discount allowed to a debtor should be debited to:

(A)  Debtor’s A/C

(B)  Discount A/C

(C)  Creditor’s A/c

(D)  Cash A/C

[efaccordion id=”01″] [efitems title=”Answer” text=”Option B“] [/efaccordion]

9)  Cash discount received from supplier should debited to:

(A)  Debtor’s A/c

(B)  Cash Discount

(C)  Cash A/C

(D)  Supplier A/C

[efaccordion id=”01″] [efitems title=”Answer” text=”Option D“] [/efaccordion]

10)  Title of account is given in:

(A)  Journal

(B)  Title of Account

(C)  Ledger

(D)  Transaction

[efaccordion id=”01″] [efitems title=”Answer” text=”Option C“] [/efaccordion]

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11)  Firstly transaction is written in:

(A)  Ledger

(B)  Account

(C)  Journal

(D)  Trial Balance

[efaccordion id=”01″] [efitems title=”Answer” text=”Option C“] [/efaccordion]

12)  A transaction is recorded on the same day it take plade so journal is also called.

(A)  An entry book

(B)  Ledger book

(C)  A day book

(D)  History book

[efaccordion id=”01″] [efitems title=”Answer” text=”Option C“] [/efaccordion]

13)  Loss of goods by fire should be credited to:

(A)  Loss by fire

(B)  Sales A/C

(C)  Capital

(D)  Purchases A/c

[efaccordion id=”01″] [efitems title=”Answer” text=”Option D“] [/efaccordion]

14)  Furniture purchased for personal use by a partner should be debited to:

(A)  Furniture A/C

(B)  Partner’s capital A/C

(C)  Private use A/C

(D)  Partner’s Drawings A/C

[efaccordion id=”01″] [efitems title=”Answer” text=”Option D“] [/efaccordion]

15)  Salaries paid to clerks should be debited:

(A)  Salary A/c

(B)  Clerk A/C

(C)  Cash A/C

(D)  General exp: A/C

[efaccordion id=”01″] [efitems title=”Answer” text=”Option A“] [/efaccordion]

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