Accounting Mcqs

Q.  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


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MCQs:  For which step of accounting process the accountants of business entity prepare financial statements?
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MCQs:  Keeping the log of financial information in books of original entries is called__________?
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MCQs:  Auditing is what?
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MCQs:  Which of the following is the external user of financial statements?
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MCQs:  Which of the following is the internal user of financial statements?
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MCQs:  _________ is the first phase of accounting cycle?
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MCQs:  Financial statements differ from management account because
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MCQs:  ________ is a separate legal entity that Total capital can be divided in many shares.
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MCQs:  An asset posses which of the following?
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MCQs:  Liabilities are which of the following?
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MCQs:  ________ is the gross inflow of economic benefits?
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MCQs:  The gross decrease in economic benefits for the business are what?
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MCQs:  An asset must be _______ by the business to be shown as an asset in its “balance sheet”
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MCQs:  Liability are arisen from which of the following events?
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MCQs:  Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
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MCQs:  Which is the most important characteristic that all assets of a business have?
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MCQs:  What is the basic accounting equation?
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MCQs:  Which of the following is a liability?
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MCQs:  What is equity?
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MCQs:  Identify the asset from the following:
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