Word journal is derived from French word “Jour” which means day, Thats’ why it is callled “Day Book”. Business transactions are recorded in journal chronologically. Whereas, in business all accounts have their separate page is called ledger. Finally, Trial Balance is very useful in business. It shows the arithmetical accuracy of Ledger and Debit and credit balance are recorded in trial balance.
FOLLOWING ARE MCQs RELATED TO JOURNAL, LEDGER & TRIAL BALANCE
1) Sales to Mohsin on account should be debited to:
(A) Cash A/C
(B) Sales A/C
(C) Mohsin
(D) Account Receivable
Answer
2) Amount of interest paid to Ali should be debited to:
(A) Ali A/C
(B) Interest A/C
(C) Cash A/C
(D) A/C Payable
Answer
3) Amount invested by the proprietor in the business should be credit to:
(A) Cash
(B) Drawing
(C) A/c payable
(D) Capital
Answer
4) Goods returned to supplier should be debited to:
(A) Sales return
(B) Return outward
(C) Return inward
(D) Supplier’s Account
Answer
5) Customer goods returned should be credited to:
(A) Customer’s A/C
(B) Return inward
(C) Return outward A/C
(D) Purchases A/C
Answer
6) Goods returned from Khubaib should be credited to:
(A) Purchase Return
(B) Return outward
(C) Cash A/C
(D) Khubaib A/C
Answer
7) A journal entry that requires more than two accounts is called:
(A) Double entry
(B) Compound entry
(C) Combined entry
(D) Single entry
Answer
8) Cash discount allowed to a debtor should be debited to:
(A) Debtor’s A/C
(B) Discount A/C
(C) Creditor’s A/c
(D) Cash A/C
Answer
9) Cash discount received from supplier should debited to:
(A) Debtor’s A/c
(B) Cash Discount
(C) Cash A/C
(D) Supplier A/C
Answer
10) Title of account is given in:
(A) Journal
(B) Title of Account
(C) Ledger
(D) Transaction
Answer
11) Firstly transaction is written in:
(A) Ledger
(B) Account
(C) Journal
(D) Trial Balance
Answer
12) A transaction is recorded on the same day it take plade so journal is also called.
(A) An entry book
(B) Ledger book
(C) A day book
(D) History book
Answer
13) Loss of goods by fire should be credited to:
(A) Loss by fire
(B) Sales A/C
(C) Capital
(D) Purchases A/c
Answer
14) Furniture purchased for personal use by a partner should be debited to:
(A) Furniture A/C
(B) Partner’s capital A/C
(C) Private use A/C
(D) Partner’s Drawings A/C
Answer
15) Salaries paid to clerks should be debited:
(A) Salary A/c
(B) Clerk A/C
(C) Cash A/C
(D) General exp: A/C
Answer
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