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

Related Mcqs:

1. Which of the following is known as an evidence that a transaction took place?

   A. Cash receipts journal
   B. General journal
   C. Source document
   D. Cash book

2. _________ is the evidence that a transaction took place?

   A. Source documents
   B. Ledger
   C. Bonds
   D. Journals

3. 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

4. Every business transaction affects at least ________ accounts?

   A. One
   B. Two
   C. Three
   D. Infinite

5. 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

6. 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

7. 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

8. 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

9. The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to

   A. Discounting of the bill with the bank
   B. Payment of the bill on due date
   C. Remitting or receiving the amount
   D. Sending the bill to bank for collection

10. Which of the following statements is true with regard to written down value method of depreciation?
    i. The rate at which the asset is written off reduces year after year
    ii. The amount of depreciation provided reduces from year to year
    iii. The rate of depreciation as well as the amount of depreciation reduce year after year
    iv. The value of the asset gets reduced to zero over a period of time

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