11th Principles of Accounting MCQS Chapter 2

Contain all residual account

Cash Ledger

Debtors Ledger

Creditors Ledger

General Ledger

In double entry system of bookkeeping every business transaction affects:

Debit or credit side of the same account

None of the above

Two accounts

The same side of the same account

Written below each entry is the

Voucher no

Narration

Date

Transaction

Journal means

Yearly

Daily

Monthly

Weekly

Journal is prepared in

Horizontal form

Row form

Columnar form

Vertical form

A bill of exchange is drawn by:

A creditor

A holder

Endorsee

A debtor

Personal account are related to:

Customers, creditors etc.

Expenses, losses

Incomes

Assets and liabilities

The Amount of salary paid to Sohail should be debited to

Salaries a/c

Cash Account

Sohail’s a/c

Both a & c

A schedule of balances of all accounts is called

Balance Sheet

Trial Balance

Journal

Ledger

The statement which contains the explanation of different in  cash book and bank statement is known as:

Bank statement

Balance statement

Bank reconciliation statement

Cash statement