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

Related Mcqs:

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

   A. Alphabetical order
   B. Numeric order
   C. Bullets order
   D. Chronological order

2. Which of the following is a type of cash receipt journal + cash payment journal?

   A. Bank statement
   B. Statement of cash flow
   C. Cash book
   D. Cash documents

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

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

4. Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?

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

5. 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

6. The standard format of journal does not include which of the following?

   A. Assets column
   B. Date column
   C. Description column
   D. Amount column

7. Under which of the following situations, is journal entry not passed in the books of the drawer?

   A. When a discounted bill is honoured by the drawee on the due date
   B. When a bill is sent to the bank for collection
   C. When a bill is renewed at the request of the drawee
   D. When a debtor accepts a bill drawn by the drawer

8. 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

9. If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then

   A. Net Profit will decrease by 3,140
   B. Gross Profit will increase by 3,320
   C. Gross Profit will decrease by 3,500
   D. Gross Profit will decrease by 3,320

10. A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?

    A. $2000 will be debited in cash book
    B. $2000 will be credited in cash book
    C. $4000 will be debited in cash book
    D. $4000 will be credited in the cash book