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PakIndus College
(Quiz) Objective Type (Journal) Subject : Financial
Accounting (2020) Time Allowed :15min Max Marks:
10
Encircle the most appropriate answer from the following four answers.
1. The entry in which more than one account is debited or credited is called :
A. Compound Entry B. Single Entry
C. Simple Entry D. Price Entry
2. Recording a transaction in the appropriate place of the concerned book of account is called:
A. A statement B. Business Document
C. An entry D. None of above
3. A short explanation of each Transaction in journal is called:
A. Posting B. Narration
C. Summary D. Recording
4. The Money with which proprietor starts his business is called:
A. Captial B. Investment
C. Cash D. Aid
5. Goods sold on account to Babar should be debited to:
A. Babar A/c B. Goods Account
C. Sales Account D. Purchases Account
6. Discount Allowed to Ahmed will be debited to:
A. Ahmed Account B. Discount Allowed Account
C. Cash Account D. Both a and b
7. When goods given as charity should be credited to :
A. Charity B. Drawings
C. Purchases D. Free Sample
8. A table loss by fire should be debited to:
A. Table Loss B. Furniture
C. Loss by fire D. Purchases
9. Debit Signifies:
A. increase in Assets B. Decrease in Liabilities
C. Both a & B D. None of Above
10. Sales of Goods to X for Cash should be debited to:
A. Sales Account B. Cash Account
C. X Account D. none of these
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Solution
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A
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c
3
B
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A
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C
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A
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C
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C
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C
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B

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PakIndus College (Quiz) Objective Type (Journal) Subject : Financial Accounting (2020) Time Allowed :15min Max Marks: 10 Encircle the most appropriate answer from the following four answers. 1. The entry in which more than one account is debited or credited is called : A. Compound Entry B. Single Entry C. Simple Entry D. Price Entry 2. Recording a transaction in the appropriate place of the concerned book of account is called: A. A statement B. Business Document C. An entry D. None of above 3. A short explanation of each Transaction in journal is called: A. Posting B. Narration C. Summary D. Recording 4. The Money with which proprietor starts his business is called: A. Captial B. Investment C. Cash D. Aid 5. Goods sold on account to Babar should be debited to: A. Babar A/c B. Goods Account C. Sales Account D. Purchases Account 6. Discount Allowed to Ahmed will be debited to: A. Ahmed Account B. Discount Allowed Account C. Cash Account D. Both a and b 7. When goods given as charity should be credited to : A. Charity B. Drawings C. Purchases D. Free Sample 8. A table loss by fire should be debited to: A. Table Loss B. Furniture C. Loss by fire D. Purchases 9. Debit Signifies: A. increase in Assets B. Decrease in Liabilities C. Both a & B D. None of Above 10. Sales of Goods to X for Cash should be debited to: A. Sales Account B. Cash Account C. X Account D. none of these Solution 1 2 3 4 5 6 7 8 9 10 A c B A C A C C C B Name: Description: ...
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