Accounting MCQs Part 3

 21. Sales and purchase journal don't record.?

A. Credit sales

B. Credit purchases

C. Cash sales and purchases

D. Credit sales and purchases

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

A. Sales return day book

B. Cash journal

C. General journal

D. None of above

23. The General journal is a book of _______ entries.?

A. Generic

B. Secondary

C. Original

D. First

24. Which one is the evidence that a transaction took place.?

A. Bonds

B. Ledger

C. Source documents

D. Journals

25. In which of the following orders data is entered in journal.?

A. Alphabetical order

B. Chronological order

C. Bullets order

D. Numeric order

26. Internal Control is totally synonymous with.?

A. Internal check
B. Internal audit

C. A & B
D. None of above

27. A partnership, in today’s Pakistan, under the current law can have the following number of partners.?

A. 10
B. 20

C. 50
D. 100

28. Under the diminishing balance method, depreciation amount is.?

A. Expenditure
B. Receipt
C. Payment
D. None of these

29. All of the following are forms of organizations except.?

A. Retailer

B. Proprietorship
C. Partnership

D. Corporation

30. Investment Corporation of Pakistan follows.?

A. Open funds

B. Closed-end mutual funds

C. Open-end mutual funds
D. None of these

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