Accounting Fundamentals & Concepts — Part 2: 13 MCQs with Explanations

General journal is the correct answer to “Transactions that a BUSINESS doesnt record in any specialised journal are recorded in which of the following journals or day books”. Items of this type are drawn from the Accounting Fundamentals & Concepts — Part 2 syllabus of Pakistani competitive exams, where the fact is tested verbatim.

Another name of journal is Day book .

Purchases return journal is the correct answer to “Which of the following specialised journals will record œgoods returned by the BUSINESS œ”. Items of this type are drawn from the Accounting Fundamentals & Concepts — Part 2 syllabus of Pakistani competitive exams, where the fact is tested verbatim.

Sales and purchase journal dont record Cash sales and purchases .

Cash receipts is the correct answer to “Cash received from debtor is recorded in which of the following SPECIALIZED journals”. Items of this type are drawn from the Accounting Fundamentals & Concepts — Part 2 syllabus of Pakistani competitive exams, where the fact is tested verbatim.

Cash book is the correct answer to “Which of the following is a type of cash receipt journal + cash payment journal”. Items of this type are drawn from the Accounting Fundamentals & Concepts — Part 2 syllabus of Pakistani competitive exams, where the fact is tested verbatim.

Cash payments journal is the correct answer to “Cash purchases is recorded in which of the following specialized journals”. Items of this type are drawn from the Accounting Fundamentals & Concepts — Part 2 syllabus of Pakistani competitive exams, where the fact is tested verbatim.

A brief explanation recorded below every entry in general journal is commonly known as Narration .

General journal is the correct answer to “Credit purchase of plant and machinery is recorded in which of the following journals”. Items of this type are drawn from the Accounting Fundamentals & Concepts — Part 2 syllabus of Pakistani competitive exams, where the fact is tested verbatim.

General journal is the correct answer to “SALE of old furniture will be recorded in which of the following specialised journals”. Items of this type are drawn from the Accounting Fundamentals & Concepts — Part 2 syllabus of Pakistani competitive exams, where the fact is tested verbatim.

Sales return journal is the correct answer to “Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals”. Items of this type are drawn from the Accounting Fundamentals & Concepts — Part 2 syllabus of Pakistani competitive exams, where the fact is tested verbatim.

The systems of accounting are Two .

Double entry means Entry for two aspects of the transaction .