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A. Return inward journal
B. Return outward journal
C. Return with discount journal
D. Purchases return book
Answer: A
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A. Journal proper is a book of original entry that is used to record any transaction which cannot be conveniently recorded in any other subsidiary book
B. Petty cash book, cash book and trail balance are also subsidiary book
C. Any transaction that cannot be recorded in other books of original entry as a result of their nature will be recorded in journal
D. Another name for journal is journal proper
Answer: B
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A. Total method
B. Balance method
C. Equilibrium method
D. Total and balance method
Answer: C
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A. It helps to check the arithmetical accuracy of the account in the ledger
B. It forms the basis for preparing the financial statement
C. It helps in calculating balance carried down easily
D. It helps in detecting certain errors
Answer: C
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A. Trial balance is a statement of debit and credit balances extracted from ledger for testing the arithmetical accuracy
B. Trial balance is a special kind of account of accuracy
C. Trial balance agreement does not mean that there is no errors in the account
D. Trial balance does not require the principle of double entry in its preparation
Answer: B
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A. Double entry system states that a transaction will appear twice in the accounting
B. Double entry states that for every debit entry for a transaction, there must be a credit entry for the same transaction
C. Double entry system states that for any transaction, two parties must at least be involved
D. Double entry system states that the receiver should be credited while the giver should be debited
Answer: D
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A. Double column cash book system
B. Contra entry system
C. Double entry system
D. Debit and credit entry system
Answer: C
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The Flemish Ministry of Education and Training awards scholarships to highly talented international students who want to study a master's programme at a Flemish university, a school of arts or ...
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