(A) Recording the transaction (X)
(B) Identifying the transaction ()
(C) Posting the transaction (X)
(D) Preparing the source documents (X)
Answers: The first step in accounting process is Identifying the transaction.
(A) Trade discount (X)
(B) Prompt payment discount (X)
(C) Cash discount ()
(D) Bulk discount (X)
Answers: Discount for quick repayment of debt is normally referred as Cash discount.
(A) Capital account (X)
(B) Fixed assets account (X)
(C) Building account (X)
(D) Cash account ()
Answers: Which of the following accounts will be credited if a company purchases building for cash Cash account.
(A) Alphabetical order (X)
(B) Numeric order (X)
(C) Bullets order (X)
(D) Chronological order ()
Answers: In which of the following orders data is entered in journal Chronological order.
(A) Assets column ()
(B) Date column (X)
(C) Description column (X)
(D) Amount column (X)
Answers: The standard format of journal does not include which of the following Assets column.
(A) Book of entries (X)
(B) Book of original entries ()
(C) T account (X)
(D) Books of economic event (X)
Answers: Journals are also referred as Book of original entries.