Accounting

1. The process of recording transactions in different journals is called? A. Posting. B. Entry making. C. Adjusting. D. Journalising. 2. Every business transaction affects at least ———accounts? A. One. B. Two. C. Three. D. Infinite. 3. Discount allowed is a kind of deduction from. A. Account Payable. B. Account Receivable. C. Cash account. D. Discount account. 4. The other name of the journal is. A. Ledger.B. T account. C. Day Book. D. Cash Book. 5. The journal entry in which two or more account is debited or credited is referred to as. A. Journal entry. B. Multi entry. C. Additional entry. D. Compound entry. 6. Goods returned by customers should be debited to which of the following accounts? A. Sales income account. B. Sales account. C. Return inward account. D. Expenses account. 7. Discount allowed is? A. Expense of business. B. Income of business. C. Loss of business. D. Abnormal loss of business. 8. Which of the following will be debited if a business purchases goods on credit? A. Cash. B. Debtor. C. Creditor. D. Purchases. 9. Which of the following accounts will be debited if the business’s owner withdraws cash from the business for personal use? A. Drawings. B. Cash. C. Business. D. Stock. 10. Journals are also referred to as? A. Book of entries. B. Book of original entries. C. T account. D. Book of economic events.

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