Cash sales to Ahmed will be posted to debit side of:
Cash sales to Ahmed will be posted to debit side of:
cash account | |
none of these | |
sales account | |
Ahmed account |
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A trial balance is a:
A trial balance is a:
list of balances in the ledger | |
a rough draft of the final accounts | |
balance sheet | |
none of above |
The main purpose of trial balance is to:
The main purpose of trial balance is to:
All of above | |
Check the equality of debits and credits | |
Check the arithmetical accuracy of the double entry | |
Provide information used in preparing final accounts |
Left hand side of an account is called:
Left hand side of an account is called:
liabilities side | |
debit side | |
credit side | |
none of these |
Ledger is called the:
Ledger is called the:
book of compound entry | |
book of original entry | |
book of final entry | |
book of single entry |
Which one of the following normally has a debit balance:
Which one of the following normally has a debit balance:
loan account | |
motor vehicles account | |
creditors account | |
capital account |
A ledger is a book in which:
A ledger is a book in which:
Only nominal accounts are opened | |
Only real accounts are opened | |
Only personal and cash accounts are opened | |
All real, nominal, personal accounts are opened |
Which one has debit balance:
Which one has debit balance:
Building account | |
Capital account | |
Sales account | |
Loan account |
Cash account normally shows:
Cash account normally shows:
Debit balance | |
Zero balance | |
All of these | |
Credit balance |
The accounts of liabilities normally have:
The accounts of liabilities normally have:
closing balance | |
credit balance | |
opening balance | |
debit balance |
The accounts of assets normally have:
The accounts of assets normally have:
credit balance | |
both A and B | |
zero balance | |
debit balance |
Number of amount columns in a running balance form of ledger
Number of amount columns in a running balance form of ledger are:
Four | |
Two | |
Three | |
Six |
Individual record of business transactions is called:
Individual record of business transactions is called:
purchases journal | |
ledger | |
journal | |
pass book |
The second step of accounting cycle is:
The second step of accounting cycle is:
Journal | |
Transaction | |
Ledger | |
Trial balance |
The process of entry in ledger is called:
The process of entry in ledger is called:
transferring | |
journalizing | |
posting | |
recording |
Credit signifies:
Credit signifies:
Increase in capital | |
All of these | |
Increase in liabilities | |
Increase in revenue |
Interest paid on loan is a:
Interest paid on loan is a:
Loss | |
Selling expenses | |
Management expenses | |
Financial expenses |
Interest on drawings in a business is a/an:
Interest on drawings in a business is a/an:
income | |
asset | |
liability | |
expenses |
Commission received should be debited to:
Commission received should be debited to:
cash | |
Commission | |
revenue | |
Customer |
A business transaction affects:
A business transaction affects:
at least two account | |
at least one account | |
maximum two account | |
maximum three account |