Sales and purchase journal don’t record__________?

Related Mcqs:

1. 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

2. Purchase journal is kept to record_____________?

   A. All purchases of goods
   B. All credit purchases of goods
   C. All credit purchases
   D. None of these

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. Net sales equals, sales minus:

   A. Return outwords
   B. Return inwards
   C. cost of goods sold
   D. carriage on sales

   Submitted by: Kamran Ahmad

5. Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.

   A. 2,40,000
   B. 2,10,000
   C. 2,00,000
   D. 1,80,000

6. Transferring entries from journal to ledger account is commonly known as____________?

   A. Recording
   B. Transferring
   C. Posting
   D. Entry making

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

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

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

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

9. Which of these is not a special purpose journal?

   A. Cash journal
   B. Purchase journal
   C. Debtors journal
   D. Sales journal

10. 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