Journals, Ledgers, and Cash Books
An entry in which one account is debited and another is credited is called:
Compound entry
Simple entry
Combined entry
Minor entry
Simple entry
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___________ will be credited if goods are given as charity.A. Cash
B. Charity
C. Purchases
D. Sales
The account of a supplier would be found in:
A. General ledger
B. Purchases day book
C. Purchases ledger
D. Sales day book
Liabilities normally show:
A. Debt balance
B. Zero balance
C. Credit balance
D. Marked balance
Machinery bought on credit from Lander Ltd had to be retuned due to its unsuitability. The correct entry to record this in the accounts would be (debit and credit) is:
A. Machinery and Lander Ltd
B. Lander Ltd and Returns outwards
C. Returns outwards and Lander Ltd
D. Lander Ltd and Machinery
The journal folio is recorded in:
A. Ledger
B. Journal
C. Trial balance
D. Balance sheet
Excess of debit balance over credit balance is called:
A. Nil balance
B. Debit balance
C. Excess balance
D. Credit balance
A cheque deposited for which the bank will not transfer any money can be known as:
A. Credit transfer
B. Dishonored cheque
C. The journal
D. Guaranteed cheque
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