Practice mode / Accounting Journals are also referred as? A Option A: Book of entries B Option B: Book of original entries C Option C: T account D Option D: Books of economic event Correct answer B. Book of original entries Show answer
Question 01 / Accounting Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use? A Option A: Drawings B Option B: Cash C Option C: Business D Option D: Stock Correct answer A. Drawings Show answer Open question
Question 02 / Accounting Which of the following will be debited if a business purchases goods on credit? A Option A: Cash B Option B: Debtor C Option C: Creditor D Option D: Purchases Correct answer D. Purchases Show answer Open question
Question 03 / Accounting ____ is the evidence that a transaction took place? A Option A: Source documents B Option B: Ledger C Option C: Bonds D Option D: Journals Correct answer A. Source documents Show answer Open question
Question 04 / Accounting Discount allowed is? A Option A: Expense of business B Option B: Income of business C Option C: Loss of business D Option D: Abnormal loss of business Correct answer A. Expense of business Show answer Open question
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