MCQs on Financial Accounting - 8

1. An allowance of Rs. 1000 given to Mr. Devan for prompt payment will be debited to the ....................... account

(a) discount received 
(b) discount allowed
(c) devan’s 
(d) none of these



2. Cash discount allowed will appear on the ....................... side of the buyer’s account in the books of the seller.

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


3. A debit in a nominal account denotes an ....................... .

(a) income 
(b) loss
(c) revenue 
(d) expense



4. The receiver of goods returned will send a ....................... note to the returner.

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



5. A ....................... balance in a personal account shows that the account concerned is a creditor’s account

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



6. The entries in the purchase returns book are based on ....................... issued by the concern.

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



7. An aspect that is debited in the journal entry will be given a ....................... in the ledger account.

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



8. Non-Cash transactions are generally recorded through .......................

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



9. Summary of balances of ledger account is called .......................

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



10. The subdivision of the journals into various books recording transactions of similar nature is called.........................

(a) ledger 
(b) journal proper
(c) trial balance 
(d) subsidiary book




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