Accounting MCQs Part 1

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1. The accounting process involves in recording.?
A. Non quantifiable economic event
B. Non Quantifiable
C. Quantifiable economic event
D. None of them

2. Which of the following is the external user of financial statements.?
A. Creditor of the business
B. Manager of the business
C. CEO of the business
D. Controller of the business

3. The recording process of transactions in different journals is called.?
A. Adjusting
B. Entry making
C. Journalizing
D. None of above

4. Another name of journal is.?
A. Specialized journal
B. Day book
C. Cash book
D. None of above

5. Transactions that a BUSINESS doesn't record in any specialized journal are recorded in which of the following journals or day books.?
A. Cash payments journal
B. Cash receipts journal
C. Purchases return journal
D. General journal

6. Which of the following is known as evidence that a transaction took place.?
A. Source document
B. Cash receipts journal
C. Cash book
D. None of these

7. Which of the following specialized journals Credit note is the basis for recording a transaction in.?
A. General journal
B. Purchase journal
C. Sales return journal
D. None of above

8. Discount allowed is a kind of deduction from.?
A. Account payable
B. Cash account
C. Account receivable
D. Discount account

9. Discount allowed is.?
A. Income of business
B. Expense of business
C. Loss of business
D. Abnormal loss of business

10. The first step in accounting process is.?
A. Recording the transaction
B. Identifying the transaction
C. Posting the transaction
D. Preparing the source documents