Accounting MCQs

Question 1

Which of the following accounts will be credited if a company purchases building for cash?

Accepted Answer

Cash account

Answer

Capital account

Answer

Fixed assets account

Answer

Building account

Question 2

Discount for quick repayment of debt is normally referred to as

Accepted Answer

Cash discount

Answer

Trade discount

Answer

Prompt payment discount

Answer

Bulk discount

Question 3

Which of the following specialized journal records "goods returned by customers"?

Accepted Answer

Sales return journal

Answer

Purchase journal

Answer

Sales journal

Answer

Purchase return journal

Question 4

Sales on credit is recorded in which of the following journal?

Accepted Answer

Sales journal

Answer

Purchase journal

Answer

Purchase return journal

Answer

Sales return journal

Question 5

Transactions that a business does not record in any specialized journal are recorded in which of the following books?

Accepted Answer

General journal

Answer

Cash payment journal

Answer

Cash receipt journal

Answer

Purchases return journal

Question 6

Which of the following specialized journal records "goods returned by the business"?

Accepted Answer

Purchase return journal

Answer

Purchase journal

Answer

Sales journal

Answer

Sales return journal

Question 7

Sales and purchase journal doesn't record

Accepted Answer

Cash sales and purchases

Answer

Credit sales

Answer

Credit purchases

Answer

Credit sales and purchases

Question 8

Cash received from debtor is recorded in which of the following specialized journals?

Accepted Answer

Cash receipts journal

Answer

Purchase Journal

Answer

Sales Journal

Answer

Cash payments journal

Question 9

Which of the following is a type of cash receipt journal + cash payment journal?

Accepted Answer

Cash book

Answer

Bank statement

Answer

Statement of cash flow

Answer

Cash documents