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Practice More Accountancy and Book Keeping Questions
Question #1
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Purchase of furniture on credit is recorded in:
Correct Answer: Option C
Explanation:
Credit purchase of assets is recorded in journal proper, not purchase book (which is for goods).
Credit purchase of assets is recorded in journal proper, not purchase book (which is for goods).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A 'Drawings' account is a:
Correct Answer: Option A
Explanation:
Drawings account represents the proprietor, hence it is a personal account.
Drawings account represents the proprietor, hence it is a personal account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which entity is most likely to use the Cash Basis of accounting?
Correct Answer: Option B
Explanation:
Professionals (like doctors, lawyers) often use cash basis because of its simplicity, whereas companies must use accrual basis under the Companies Act.
Professionals (like doctors, lawyers) often use cash basis because of its simplicity, whereas companies must use accrual basis under the Companies Act.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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