________ is the common base for preparing a trial balance?
(A) Ledger accounts
(B) General Journal
(C) Specialized journals
(D) Balance sheet
If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?
(A) Yes
(B) No
(C) Transactions can’t be omitted
(D) none of these
Trial balance is prepared to check accuracy of_______________?
(A) Ledger accounts balances
(B) Balance sheet balances
(C) Income statement balances
(D) Cash flow statement balances
Institute of Chartered Accountants of Pakistan was established in____________?
(A) 1949
(B) 1956
(C) 1961
(D) 1972
Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?
(A) Error of principle
(B) Error of commission
(C) Error of omission
(D) Error of duplication
Which of the following is a type of cash receipt journal + cash payment journal?
(A) Bank statement
(B) Statement of cash flow
(C) Cash book
(D) Cash documents
Cash received from debtor is recorded in which of the following SPECIALIZED journals?
(A) Purchase journal
(B) Sales journal
(C) Cash receipts
(D) Cash payments journal
Sales and purchase journal don’t record__________?
(A) Credit sales
(B) Credit purchases
(C) Credit sales and purchases
(D) Cash sales and purchases
Which of the following specialised journals will record “goods returned by the BUSINESS “?
(A) Purchase journal
(B) Sales journal
(C) Purchases return journal
(D) Sales return journal
Another name of journal is_____________?
(A) Specialized journal
(B) Day book
(C) Cash book
(D) Record book