Every business transaction affects at least ________ accounts?

Related Mcqs:

1. Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

   A. Drawings
   B. Cash
   C. Business
   D. Stock

2. If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

   A. Yes
   B. No
   C. Transactions can’t be omitted
   D. none of these

3. The real accounts are accounts of Assets, liabilities and ___________?

   A. Expenses
   B. Revenues
   C. Capital
   D. Drawing

4. A chart of accounts generally start with which of the following types of accounts?

   A. Assets accounts
   B. liability accounts
   C. Cash accounts
   D. Revenue accounts

5. In support of business transaction, any written evidence is called ___________?

   A. Discount
   B. Voucher
   C. Allowance
   D. Price

6. 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

7. Which of the following accounts appear(s) in the Balance Sheet of a business?

   i. Stock at the end of the financial year
   ii. Stock at the beginning of the financial year
   iii. Drawings
   iv. Prepaid Rent
   v. Interest received but not yet earned

   A. Only (i) above
   B. Only (iii) above
   C. Both (i)and (iii) above
   D. (i), (iii), (iv) and (v) above

8. Which of the following form of business organization is least regulated?

   A. Sole-proprietorship
   B. General Partnership
   C. Limited Partnership
   D. Corporation

9. Which of the following errors affects the agreement of a Trial Balance?

   A. Mistake in balancing an account
   B. Omitting to record a transaction entirely in the subsidiary books
   C. Recording of a wrong entry in the subsidiary books
   D. Posting an entry on the correct side but in the wrong account

10. 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