The correct answer is “John debit; purchases return and allowances credit” (option 3). Financial Accounting for Management. Professional Development. 50,000 which he paid into the business account at … Multiple Choice Questions will have considerable weightage in the Board Exams. a) Fill in the blanks. Contents. These online MCQ tests includes all main concepts of the Journal Entries in CA - CPT Fundamentals of Accounting . A D V E R T I S E M E N T . The MCQs of General Knowledge is very common for the exam such as SSC, RBI, RRB, SBI PO, IBPS, and many more. Financial Accounting (Vol. Financial Accounting: A Managerial Perspective. If you find difficulty in answering … sanjay . These MCQs can help you to prepare for your exams, interviews and different tests. In this exclusive page, you will get chapter wise Management Accounting MCQs for various exams. … A written explanation below each journal entry is known as: Your answer is incorrect. The account to be credited is: Your answer is incorrect. Commerce students definitely take this Test: Journal Entries - 1 exercise for a better result in the exam. 56% average accuracy. Reply. Finish Editing. Good luck for the next! good test. The correct answer is “capital” (option 4). A D V E R T I S E M E N T. PLEASE LIKE OUR FACEBOOK PAGE. (a) sales journal. I am quite sure I will learn plenty of new stuff right here! Share practice link. Stanley / … (2nd, Ed.) 14th grade . The originator of the phrase 'press is, the fourth estate' is: A. Cash. The solved questions answers in this Test: Journal Entries - 1 quiz give you a good mix of easy questions and tough questions. Multiple choice questions quiz. Nice questions. Journal Entry MCQs. 0. a year ago. I like the valuable information you provide in your articles. This quiz is incomplete! Hence you can not start it again. It displays several cells that together form a mesh that includes rows and columns, each cell containing alphanumeric text, numeric values, or formulas. The correct answer is “purchases > debit; accounts payable > credit” (option 2). The cash discount received is credited because it is: Your answer is incorrect. The correct answer is “Journal” (option 4). Just click the “start quiz” button and start general ledger MCQs quiz. (A) They are distributed through digital methods (B) They also have editors or editorial boards (C) They are publications of serial nature (D) They are always free of cost. Previous Practice: Journal Entry MCQs. Ramchandran, N., & Kakani, R. K. (2007). Practice. Reply. You have already completed the quiz before. pls send more mcqs from more practice to us.. Ur.onlineler learener nikhil shah. >>> Practice Journal Entry Problems and Solutions. Answer : D. 4. It is the first step of the accounting process. 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When a customer returns merchandise, the account to be debited is: Your answer is incorrect. 1. 1 year or less) are known as. Answer: Satyajit Ray. What is a firm’s payment to a supplier for merchandise inventory recorded in? The correct answer is “an expense of the business” (option 2). 1). The correct answer is “cash discount” (option 4). Played 88 times. Save. Learn Purchase Management take quiz. 2. Loss of goods by fire should be debited to: Your answer is incorrect. You must sign in or sign up to start the quiz. In the series of questions & answers, we will be providing some of the most important sets of easy general knowledge questions & answers that will be helpful for you during your competitive exams. To record a transaction in the general journal correctly, the accountant or book-keeper needs. How to measure the acquisition cost of property, plant and equipment? (3rd, Ed.) Multiple choice questions (MCQs) Quiz. MCQ on Trial Balance Trial Balance is a statement which accounts all the balances of the Personal account, Real account and Nominal account regardless of either Revenue or Capital A/c. The correct answer is “Book of original entry” (option 1). Reply. Computer Science MCQ. Students might feel it unchallenging and feel relaxed as they don’t have to attempt the lengthy descriptive answers. If you find difficulty in answering these questions, read ‘General Journal‘ chapter thoroughly from explanation section of the website. The correct answer is “narration” (option 3). The correct answer is “all of the above” (option 4). I will bookmark your weblog and check again here frequently. Commerce students definitely take this Test: Preparation Of Journal Ledger Account - MCQ - 2 exercise for a better result in the exam. The experimental study is based on: (A) The manipulation of variables (B) Conceptual parameters (C) Replication of research (D) Survey of literature. Submit a Comment Cancel reply; Previous Practice: Accounting Cycle MCQs. Shah Nikhil . MCQs on Journal Entries Journal entry is a record of a business transaction taking place in the accounting books of a business. North Cliff: B. Edmund Burke: C. Lord Macaulay: D. Rudyard Kipling: View Answer Workspace Report Discuss in Forum. 3. Your email address will not be published. 1. Ans: c. 120. If you find difficulty in answering these questions, read ‘ General Journal ‘ chapter thoroughly from explanation section of … Click here to add your own comments. 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Upper Intermediate Level – Upper Intermediate English Grammar Tests Multiple Choice Questions with Answers – Online Exercises, Quizzes; Advanced Level – Advanced English Grammar Tests includes challenging grammar test for those who are really good at English grammar. What is embargo? Edit. The term used for the discount offered by sellers to encourage prompt payments is known as: Your answer is incorrect. A journal entry that involves more than two accounts is called: Your answer is incorrect. A ban on publication before a … Your answer is incorrect. Answer : A. General Knowledge MCQ – GK Multiple Choice Quiz Part 2 . Save my name, email, and website in this browser for the next time I comment. The correct answer is “loss of goods by fire account” (option 3). Journal Entries and Ledger Question and Answer; T-Accounts, Journal Entry and Trial Balance Question; Click here for more Full Accounting Questions and Answers. Where in the human body is the stapedius muscle situated? 119. 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Comment navigation. Just click the “start quiz” button and start General Journal MCQs quiz. A) Jupiter B) Mars C) Uranus Answer: Uranus. Play. Live Game Live. The correct answer is “drawings > debit; cash > credit; purchases > credit” (option 1). The main characteristic of scientific research is: (A) empirical (B) theoretical (C) experimental (D) all of the above. (a) Cash at Bank (b) Bank Loan (c) Bank Overdraft (d) None of them. A journal entry is mostly recorded in a general ledger. A. What is the main objective of financial accounting? Related Topics; Related Courses; 2 Comments. Recording of Transactions 2 Class 11 MCQs Questions with Answers Question 1. c) Multiple Choice Questions and Answers. Mr. John invests $10,000 cash in his business. 0. Management accounting MCQs. Reply. The owner of the business takes $100 cash and goods costing $200 for his family. 1. MCQ Questions for Class 8 Social Science with Answers were prepared based on the latest exam pattern. MCQs 1 To 10 . Cost Concept, Analysis and Classifications MCQs, Final Accounts of Sole Proprietorship – Practical Problems and Solutions, Factory Overhead Practical Problems and Solutions, Important Techniques of Factory Overhead Costing, Labour Costing Practical questions with answers, Job Order Costing Examples, Practical Problems and Solutions, Cost of production report (CPR) questions and answers. … ABDI TESFAYE . Wrong! The cash discount given is debited because it is: Your answer is incorrect. Comments for Journal Entry Question and Answer. New Delhi: Prentice Hall of India. We provide all important questions and answers for all Exam. The correct answer is “compound entry” (option 2). Next Practice: Trial Balance MCQs. by cambodiaaccountingclub. The correct answer is “Posting reference” (option 2). 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Reply. Practice and Learn General Knowledge MCQ Questions and Answers for Government exams, Bank exams and other various exams Download Class 10 SST History Chapter 1 MCQ in PDF format from the below access links and start practicing on a regular basis for better subject knowledge. The proper journal entry for this transaction is: Your answer is incorrect. Akash honole . Just click the “start quiz” button and start General Journal MCQs quiz. 2. Journal Entries online tests for CA - CPT Fundamentals of Accounting. 2. The correct entry for the sale of merchandise on account is: Your answer is incorrect. The discount which is calculated on the list price of the goods is called: Your answer is incorrect. The correct answer is “Loss by theft account” (option 3). We have provided Recording of Transactions 2 Class 11 Accountancy MCQs Questions with Answers to help students understand the concept very well. The assets that can be converted into cash within a short period (i.e. The payment to a creditor will? Financial Statements & … Save my name, email, and website in this browser for the next time I comment. A ship, which often comes late : B. Table of Contents. 1. Vanessa Cruz . Fundamentals of Computer; Operating Systems; C/C++ Programming Language; Computer Networking; HTML & Web Designing; Database Management System ; Php Hypertext Preprocessor (PHP) Microsoft Office >> Microsoft Word; Microsoft Excel; Microsoft PowerPoint; Microsoft Access; Online Quizzes. Next Practice: General Ledger MCQs. Apart from Venus, which planet rotates from east to west? Study and learn General English Grammar MCQ Questions and Answers on Adjective Correction of Sentences to attend Entrance Exams and School/College exams. The capital of a business is $100,000 and the liabilities are $40,000. If debit side of bank account is greater than credit side it represents? The column of the journal that is used for recording the page number of ledger account is known as: Your answer is incorrect. We have Provided Civilising the Native, Educating the Nation Class 8 History MCQs Questions with Answers to help students understand the concept very well. Ans: a. Leave a comment Cancel reply. Oil in journal bearing should be applied at the point where load is (a) nil or lightest (b) maximum (c) average (d) any one of the above (e) unpredictable. Answer: (d) Spreadsheet Explanation: Spread Sheet is the most appropriate for performing numerical and statistical calculation. Print; Share; Edit; Delete; Host a game . MCQs 1 To 10; MCQs 11 To 20; References. Correct! I like it this ques competition. Which of the following best describes the trade discount: Your answer is incorrect.