SALE of old furniture” will be recorded in which of the following specialised journals?
(A) Purchase journal
(B) Sales journal
(C) General journal
(D) Cash receipt journal
Debit note is the basis for recording a transaction in which of the following journals?
(A) General journal
(B) Cash journal
(C) Purchase journal
(D) Purchase return journal
Credit purchase of plant and machinery is recorded in which of the following journals?
(A) General journal
(B) Cash journal
(C) Purchase journal
(D) Purchase return journal
A brief explanation recorded below every entry in general journal is commonly known as__________?
(A) Narration
(B) Explanation
(C) Summary
(D) Other information
Cash purchases is recorded in which of the following specialized journals?
(A) Purchase journal
(B) Sales journal
(C) Purchases return journal
(D) Cash payments journal
_________ is the first phase of accounting cycle?
(A) Identifying an economic event or transaction
(B) Preparing journals
(C) Posting entries to ledger accounts
(D) Making decisions about business
Which of the following is the internal user of financial statements?
(A) Creditor of the business
(B) Government agency
(C) Shareholder of the business
(D) Manager of the business
Which of the following is the external user of financial statements?
(A) Manager of the business
(B) CEO of the business
(C) Creditor of the business
(D) Controller of the business
Auditing is what?
(A) Reporting the financial information
(B) Examination of financial statements
(C) Preparation financial statements
(D) maintaining the ledger records
Keeping the log of financial information in books of original entries is called__________?
(A) Recording
(B) summarizing
(C) Grouping
(D) Processing