SALE of old furniture” will be recorded in which of the following specialised journals?

Related Mcqs:

1. Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?

   A. Cash payments journal
   B. Cash receipts journal
   C. Purchases return journal
   D. General journal

2. Which of the following specialised journals will record “goods returned by the BUSINESS “?

   A. Purchase journal
   B. Sales journal
   C. Purchases return journal
   D. Sales return journal

3. Cash received from debtor is recorded in which of the following SPECIALIZED journals?

   A. Purchase journal
   B. Sales journal
   C. Cash receipts
   D. Cash payments journal

4. Cash purchases is recorded in which of the following specialized journals?

   A. Purchase journal
   B. Sales journal
   C. Purchases return journal
   D. Cash payments journal

5. Credit purchase of plant and machinery is recorded in which of the following journals?

   A. General journal
   B. Cash journal
   C. Purchase journal
   D. Purchase return journal

6. A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

   A. Error of omission
   B. Error of commission
   C. Compensating error
   D. Error of principle

7. The accountant of Leo Ltd. recorded a payment by cheque to a creditor for supply of materials as 1,340.56. The bank recorded the cheque at its correct amount of 3,140.56. The Company has not passed any rectification entries and the error is not detected through the bank reconciliation. The impact of this error is

   A. The Trial Balance will not agree
   B. The balance of creditors is understated
   C. The purchases are understated
   D. The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book

8. Building and furniture are called ____________?

   A. Current asset
   B. Fictitious asset
   C. Tangible asset
   D. Fixed assets

9. Which of the following specialized journals records “goods returned by customers”?

   A. Purchase journal
   B. Sales journal
   C. Purchases return journal
   D. Sales return journal

10. BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?

    A. Cash receipts journal
    B. Cash payments journal
    C. Sales journal
    D. Purchase journal