Which of the following will be debited if a business purchases goods on credit?

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. Goods returned by customer should be debited to which of the following accounts?

   A. Sales income account
   B. Sales account
   C. Return inward account
   D. Expenses account

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 balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?

   A. Sales
   B. Purchases
   C. Inward returns
   D. Closing stock

5. A journal entry in which two or more account is debited or credited is referred as____________?

   A. Journal entry
   B. Multi entry
   C. Additional entry
   D. Compound entry

6. Buildings account is debited with an amount towards repairs. This is an example of?

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

7. The person to whom goods are sold on credit is called___________?

   A. Buyer
   B. Seller
   C. Debtor
   D. Creditor

8. Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

   A. Error of principle
   B. Error of commission
   C. Error of omission
   D. Error of duplication

9. When a person purchasing goods on credit he becomes a_________in the books of the seller?

   A. Debtor
   B. Creditor
   C. Defaulter
   D. Offender

10. 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