Practice Pakistan's most useful MCQs for competitive exams

he term 2/10-n/30 implies that ______ % discount will be given if the payment is made within days or full amount is receivable within 30 days?

• (A)  2,10
• (B)  10,2
• (C)  10,30
• (D)  3,15

Answer

Submitted By :Ali Uppal

A journal entry in which two or more account is debited or credited is referred as____________?

• (A)  Journal entry
• (B)  Multi entry
• (C)  Additional entry
• (D)  Compound entry

Answer

Submitted By :Ali Uppal

The other name of journal is____________?

• (A)  Ledger
• (B)  T account
• (C)  Day book
• (D)  Cash book

Answer

Submitted By :Ali Uppal

Discount allowed is a kind of deduction from_____________?

• (A)  Account payable
• (B)  Account receivable
• (C)  Cash account
• (D)  Discount account

Answer

Submitted By :Ali Uppal

Every business transaction affects at least ________ accounts?

• (A)  One
• (B)  Two
• (C)  Three
• (D)  Infinite

Answer

Submitted By :Ali Uppal

The process of recording transactions in different journals is called_________?

• (A)  Posting
• (B)  Entry making
• (C)  Adjusting
• (D)  Journalizing

Answer

Submitted By :Ali Uppal

General journal is a book of _______ entries?

• (A)  First
• (B)  Original
• (C)  Secondary
• (D)  Generic

Answer

Submitted By :Ali Uppal

Total depreciation of an asset cannot exceed its:

• (A)  Scrap value
• (B)  Residual value
• (C)  Market value
• (D)  Depreciable value

Answer

Submitted By :Ali Uppal

A chart of accounts generally start with which of the following types of accounts?

• (A)  Assets accounts
• (B)  liability accounts
• (C)  Cash accounts
• (D)  Revenue accounts

Answer

Submitted By :Ali Uppal

The first step in accounting process is___________?

• (A)  Recording the transaction
• (B)  Identifying the transaction
• (C)  Posting the transaction
• (D)  Preparing the source documents

Answer

Submitted By :Ali Uppal