Journal, Ledger & Cash Book MCQs For FPSC and Other Related One Paper MCQs Tests
Journal, Ledger & Cash Book MCQs For FPSC and Other Related One Paper MCQs Tests
2. The act of transferring the information from the General Journal to the General
Ledger is called what?
(a) Posting
(b) Journalizing
(c) Transferring
(d) Pasting
5. Which of the following transactions is not recorded in the cash receipts journal?
(a) expensing prepaid rent
(b) receipt of customer payments
(c) borrowing money from a bank
(d) sale of equipment for cash
6. Where would a debit posted to accounts payable in the general ledger come
from?
(a) sales journal
(b) cash disbursements journal
(c) purchases journal
(d) cash receipts journal
7. A ____ lists each of the accounts in the general ledger with its balance as of a
particular date. What is it?
(a) Trial Balance
(b) Balance Sheet
(c) General Journal
(d) Statement of retained earnings
11. Which of the following is not an acceptable statement of the basic accounting
equation?
(a) Assets = Liabilities – Owner’s Equity/Capital
(b) Assets = Liabilities + Owner’s Equity/Capital
(c) Assets – Liabilities = Owner’s Equity/Capital
(d) Assets – Owner’s Equity/Capital = Liabilities
17. A journal entry in which two or more account is debited or credited is referred
as
(a) Journal entry
(b) Multi entry
(c) Additional entry
(d) Compound entry
18. The term 2/10-n/30 implies that ______ % discount will be given if the payment is
made within _____ days or full amount is receivable within 30 days
(a) 2,10
(b) 10,2
(c) 10,30
(d) 3,15
22. Which of the following will be debited if a business purchases goods on credit?
(a) Cash
(b) Debtor
(c) Creditor
(d) Purchases
23. Which of the following accounts will be debited if the business’s owner
withdraws cash from business for his personal use?
(a) Drawings
(b) Cash
(c) Business
(d) Stock
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Auditor Posts
25. The standard format of journal does not include which of the following?
(a) Assets column
(b) Date column
(c) Description column
(d) Amount column
30. Discount received is recorded on which of the following side of a cash book?
(a) Receipts
(b) Payments
(c) Incomes
(d) Expenditures
31. Drawings by owner of business are generally recorded on which of the following
side of a cash book?
(a) Receipts
(b) Payments
(c) Incomes
(d) Expenditures
(c) Incomes
(d) Expenditures
33. Cash book with cash and discount column is mostly referred as
(a) Simple cash book
(b) Two column cash book
(c) Three column cash book
(d) Petty cash book
34. A cash book that is used to record the small payments of cash is generally
referred as
(a) Simple cash book
(b) Two column cash book
(c) Three column cash book
(d) Petty cash book
35. A simple or one column cash book usually has which of the following main
columns?
(a) Bank
(b) Payments
(c) Discount
(d) Cash
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39. A chart of accounts generally start with which of the following types of
accounts?
(a) Assets accounts
(b) liability accounts
(c) Cash accounts
(d) Revenue accounts
43. A cash book with cash, bank and discount column is commonly referred as
(a) Cash book
(b) Two columns cash book
(c) Three columns cash book
(d) Petty cash book
45. Purchase of office equipment for cash will be recorded on which of the