Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?

Related Mcqs:

Credit memo or credit note No. is entered in which of the following journal?

A. General journal B. Cash journal C. Purchase journal D. Sales return day book...

Discount for quick repayment of debt is normally referred as____________?

A. Trade discount B. Prompt payment discount C. Cash discount D. Bulk discount...

Capital expenses are shown in___________?

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

Payments received in advance from a customer for a contract can be__________?

A. Shown as a deduction from contract work-in-progress on asset side B. Shown as a liability C. Credited to P&L A/c D. Either A. or B. above...

On scrutiny of a firm‘s books of accounts, it was observed that the following errors have occurred in the previous years but have not yet been rectified.

i. Depreciation for 2011-2012- 7,000 understated ii. Accrued expenses as at March 31, 2013 – 10,000 understated The impact of this on the reported net income for the year ending March 31, 2013 is A. 7,000 Overstated B. 10,000 Overstated C. 17,000 Understated D. 17,000 Overstated...