Professional Documents
Culture Documents
SET Journal Entry
SET Journal Entry
(b) Drawing
(c) Cash
(b) Payroll
(b) Two
(c) Three
(d) Four
5. Transactions are initially recorded in the?
(a) Book of Final Entry
(b) Accounting Equation
(c) T Accounts
(b) Cash
(d) Sales
8. According to the rules of debit and credit for following accounts?
(a) Increase in assets, liabilities and owner equity recorded by debit
(b) Decreasing
(c) Increasing
(d) Alphabetical
10. All of the following are true regarding journal entries except?
(a) Journal entries show the effects of transactions
(c) Expenses
(d) Revenues
12. Which of the following account will be credited in the books of XYZ Co. Ltd, if
the business purchased a vehicle though cheque?
(a) Vehicle account
(d) None
16. Which one of the following is called book of original entry?
(a) General Journal
(b) If the invoice is paid within 10 days of its date, a 1% discount may be taken; otherwise the
total amount is due in 20 days
d) If the invoice is paid within 10 days of its date, a 1% discount may be taken; otherwise
the total amount is due in 30 days
20. Commission received is an example of?
(a) Real A/c
(d) None