Pak indus college objectives quiz chapter 2 journal

PakIndus College
(Quiz)
Objective Type (Journal)
Subject : Financial
Accounting (2020) Time Allowed :15min
Max Marks:
10
Encircle the most appropriate answer from the following four answers.
1. The entry in which more than one account is debited or credited is called :
A. Compound Entry
B. Single Entry
C. Simple Entry
D. Price Entry
2. Recording a transaction in the appropriate place of the concerned book of account is called:
A. A statement
B. Business Document
C. An entry
D. None of above
3. A short explanation of each Transaction in journal is called:
A. Posting
B. Narration
C. Summary
D. Recording
4. The Money with which proprietor starts his business is called:
A. Captial
B. Investment
C. Cash
D. Aid
5. Goods sold on account to Babar should be debited to:
A. Babar A/c
B. Goods Account
C. Sales Account D. Purchases Account
6. Discount Allowed to Ahmed will be debited to:
A. Ahmed Account
B. Discount Allowed Account
C. Cash Account
D. Both a and b
7. When goods given as charity should be credited to :
A. Charity
B. Drawings
C. Purchases
D. Free Sample
8. A table loss by fire should be debited to:
A. Table Loss
B. Furniture
C. Loss by fire
D. Purchases
9. Debit Signifies:
A. increase in Assets
B. Decrease in Liabilities
C. Both a & B
D. None of Above
10. Sales of Goods to X for Cash should be debited to:
A. Sales Account
B. Cash Account
C. X Account
D. none of these
Solution
1
2
3
4
5
6
7
8
9
10
A
c
B
A
C
A
C
C
C
B
Name:
Description:
…