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Accounting MCQs — Test 6

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Question 1
Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?
Question 2
Journals are also referred as_____________?
Question 3
The standard format of journal does not include which of the following?
Question 4
In which of the following orders data is entered in journal?
Question 5
Which of the following accounts will be credited if a company purchases building for cash?
Question 6
Discount for quick repayment of debt is normally referred as____________?
Question 7
The first step in accounting process is___________?
Question 8
A chart of accounts generally start with which of the following types of accounts?
Question 9
Amount paid to Masood posted to the credit side of his account would affect___________?
Question 10
Which of the following is true regarding closing entries?