A brief explanation recorded below every entry in general journal is commonly known as__________?

Related Mcqs:

BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?

A. Cash receipts journal B. Cash payments journal C. Sales journal D. Purchase journal...

Which of the following accounts will be credited if a company purchases building for cash?

A. Capital account B. Fixed assets account C. Building account D. Cash account...

Capital expenses are shown in___________?

A. Balance Sheet B. Profit and Loss A/c C. Trading A/c D. None of these...

Depreciation appearing in the Trial Balance should be?

A. Debited to P&L A/c B. Shown as liability in Balance Sheet C. Reduced from related asset in Balance Sheet D. Both A. and C. above...

When bill discounted with the bank is dishonored?

A. Acceptor‘s Account is debited in the books of drawer B. Bills Receivable Account is credited in the books of drawer C. Bank Account is debited in the books of drawer D. Bills Payable Account is debited in the books of drawer...