MCQs on Financial Accounting - 16

1. A purchase book is used to record all ......................made by the business from its suppliers.

(a) purchases 
(b) credit purchases
(c) cash purchases 
(d) none of these



2. ......................is an allowance or deduction made from the invoice price of goods sold.

(a) trade discount 
(b) cash discount
(c) commission 
(d) none of these



3. ......................represents a note sent to the supplier for the value of goods returned by the business.

(a) debit note 
(b) credit note
(c) goods returned note 
(d) none of these



4. Recording of transactions in the books of original entry is ......................under subsidiary books

(a) simplified 
(b) complicated
(c) modified 
(d) none of these



5. A statement showing particulars of the goods bought by a trader on credit is known as ......................

(a) bill 
(b) invoice
(c) voucher 
(d) none of these



6. A ......................is used for recording all residual transactions which cannot find place in any of the subsidiary books.

(a) journal proper 
(b) ledger
(c) general journal 
(d) none of these



7. When goods are taken back from or an allowance is granted to a customer, the note is known as ...................... .

(a) debit note 
(b) credit note
(c) goods returned note 
(d) none of these



8. The statement containing various ledger balances on a particular date is known as ......................

(a) trial balance 
(b) balance sheet
(c) cash flow statement 
(d) none of these



9. If the two sides of the trial balance tally, it is an indication of the fact that the books of account are ......................accurate

(a) logically 
(b) recordically
(c) arithmetically 
(d) none of these



10. Sales Journal records all ......................sale of goods

(a) debit 
(b) credit 
(c) cost
(d) none of these




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