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

Related Mcqs:

1. Debit note is the basis for recording a transaction in which of the following journals?

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

2. 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

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

   A. General journal
   B. Cash journal
   C. Purchase journal
   D. Sales return day book

4. The process of recording transactions in different journals is called_________?

   A. Posting
   B. Entry making
   C. Adjusting
   D. Journalizing

5. 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

6. 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

7. 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

8. 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

9. Specialized journals are more adequate for which TYPE OF BUSINESSES?

   A. Small businesses
   B. Big businesses
   C. Sole proprietorship
   D. Partnership

10. If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

    A. Arithmetic accuracy
    B. Errors of commission
    C. Omissions of economic events
    D. Understatements of balances