Date: 31-03-2022

MCQs
SUBMITTED TO:

SYED IZHAR BUKHARI

SUBMITTED BY:

MUHAMMAD SHOAIB

ROLL NUMBER:

F20BINFT1E02080

SUBJECT:

ACCOUNTING

DEPARTMENT:

INFORMATION TECHNOLOGY

SEMESTER:

4 TH (EVENING) B

SESSION:

2020-2024

The Islamia University of

Bahawalpur
Date: 31-03-2022

1. The standard format of Journal does not include which of the following?
a) Assets column
b) Date column
c) Description column
d) Amount column

2. In which of the following order, data is entered into the Journal?

a) Alphabetical order
b) Numeric order
c) Bullets order
d) Chronological order

3. Which of the following accounts will be credited if a company purchases

building for cash?

a) Capital account
b) Fixed assets account
c) Building account
d) Cash account

4. Discount for quick repayment of debt is normally referred to as

a) Trade discount
b) Prompt payment discount
c) Cash discount   
d) Bulk discount

5. Which of the following specialized journal records "goods returned by

customers"?

a) Purchase journal
b) Sales journal
c) Purchase return journal
d) Sales return journal
Date: 31-03-2022

6. Transactions that a business does not record in any specialized journal are
recorded in which of the following books?

a) Cash payment journal

b) Cash receipt journal
c) Purchases return journal
d) General journal

7. An 'account' records the ______ in the balance of an item

a) Increase
b) Decrease
c) Increase or decrease
d) Appreciation

8. The normal balance of capital account is

a) Credit balance
b) Debit balance
c) Cash balance
d) Neither debit nor credit balance

9. Sales on credit is recorded in which of the following journal?

a) Purchase journal
b) Sales journal
c) Purchase return journal
d) Sales return journal 

10. Accounting provides data or information on

a) Income and cost for the managers
b) Financial conditions of the institutions
c) Company’s tax liability for a particular year
d) All the above
Date: 31-03-2022