Accounting The Basis for Business Decision (29 MCQS)

Introduction to Accounting(14) Recording changes in financial position(15)

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Chapter No 2 :Recording changes in financial position (15 MCQ`S)

  1. Double entry system is recording every transaction with debit and credit entries
    1. worng
    2. correct
      5. Show Answer
      Answer: B
      Explanation:
      • N/A
  2. Purchasing a machine on credit is promising to make prmise to make payment with in 30 days
    1. yes
    2. No
      5. Show Answer
      Answer: B
      Explanation:
      • N/A
  3. Purchasing a land in cash in promise to pay cash in 50 days
    1. wong
    2. correct
      5. Show Answer
      Answer: A
      Explanation:
      • N/A
  4. An entry on the left hand side of ledger is called
    1. Debit
    2. Left Side
      5. Show Answer
      Answer: A
      Explanation:
      • N/A
  5. An entry on the right hand side of ledger is called
    1. Credit
    2. Right side
    3. Balance
    4. entry
      5. Show Answer
      Answer: A
      Explanation:
      • N/A

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