Podcast
Questions and Answers
Which of the following is NOT a characteristic of a Special Journal?
Which of the following is NOT a characteristic of a Special Journal?
- It is used for recording all types of transactions (correct)
- It is posted to the respective ledger accounts
- It is a book of primary entry
- It records transactions of a specific type
What is the main purpose of maintaining a Purchases Book or Purchases Day Book?
What is the main purpose of maintaining a Purchases Book or Purchases Day Book?
- To record all sales transactions
- To record all cash purchases
- To record all credit purchases (correct)
- To record all purchases returns
Which of the following is the purpose of maintaining a Sales Returns Book?
Which of the following is the purpose of maintaining a Sales Returns Book?
- To record all cash sales
- To record all credit sales
- To record goods returned to suppliers
- To record goods returned by customers (correct)
When would a business maintain a separate Bank Book, instead of using a multi-column Cash Book?
When would a business maintain a separate Bank Book, instead of using a multi-column Cash Book?
What is the main difference between a Cash Book and a Cash Journal?
What is the main difference between a Cash Book and a Cash Journal?
According to the Golden Rule of Double Entry Book-keeping, what comes in for a Nominal Account?
According to the Golden Rule of Double Entry Book-keeping, what comes in for a Nominal Account?
Which of the following is NOT a type of Special Journal?
Which of the following is NOT a type of Special Journal?
In the sub-division of Journal, which of the following is classified under Special Journal?
In the sub-division of Journal, which of the following is classified under Special Journal?
When journalizing a transaction, how is a Real Account typically treated according to the Golden Rule?
When journalizing a transaction, how is a Real Account typically treated according to the Golden Rule?
For a Personal Account, who is considered the giver according to the Golden Rule?
For a Personal Account, who is considered the giver according to the Golden Rule?
Which type of account represents Capital as per the Accounting Equation?
Which type of account represents Capital as per the Accounting Equation?
In terms of the Golden Rule, how are Incomes and Gains treated for a Nominal Account?
In terms of the Golden Rule, how are Incomes and Gains treated for a Nominal Account?
Which of the following is NOT a function of the journal in accounting?
Which of the following is NOT a function of the journal in accounting?
If a business purchases office supplies for $500 on credit, what would be the journal entry?
If a business purchases office supplies for $500 on credit, what would be the journal entry?
In the accounting cycle, which step comes immediately after journalizing transactions?
In the accounting cycle, which step comes immediately after journalizing transactions?
If a company's equipment has a useful life of 5 years and a salvage value of $2,000, what is the annual depreciation expense using the straight-line method for an equipment that cost $20,000?
If a company's equipment has a useful life of 5 years and a salvage value of $2,000, what is the annual depreciation expense using the straight-line method for an equipment that cost $20,000?
The purpose of a trial balance is to:
The purpose of a trial balance is to:
Which of the following is NOT an advantage of using a journal in accounting?
Which of the following is NOT an advantage of using a journal in accounting?
