Special journals/subdivision of journal

Multiple choice questions (MCQs) quiz

1. Special journals are used to record:

2. Which one of the following is not related to special journals:

3. Another name used for special journals is the:

4. Transactions in a special journal are recorded:

5. A purchases journal is maintained to keep record of all:

6. An invoice generally contains the information about:

7. The posting reference (PR) column in a special journal is used to record:

8. A buyer can generally return the goods to the seller if they are:

9. A debit memorandum (also known as the debit memo) is a tiny document written by the buyer and sent to the seller. This document tells the seller that his account has been:

10. A debit memo is also often referred to as:

11. The total of the inventory column in a purchases returns and allowances journal is credited to the inventory account maintained in the:

12. The total of the accounts payable column in a purchases returns and allowances journal is:

13. The purchases returns and allowances account is a part of:

14. The accounts of individual suppliers are generally maintained in the:

15. A sales journal is a special book dedicated to record:

16. The entries in a sales journal essentially result in:

17. The value of the goods returned by customers is recorded in the:

18. The sales returns and allowances account is:

19. The sales returns and allowances account is a contra revenue account. Therefore, its normal balance is:

20. The purchases returns and allowances account is a:

21. The purchases returns and allowances account is a contra expense account. Therefore, its normal balance is:

22. The total of the accounts receivable column in a sales returns and allowances journal is credited to the:

23. A cash receipts journal is used to record:

24. Which of the following can be recorded in a cash receipts journal:

25. The sales discount refers to a reduction in price of goods sold to customers. Therefore, the sales discount account is:

26. Another name used for a cash disbursement journal is the:

27. Which of the following would be entered in a cash disbursement journal?

28. A purchase discount is generally offered to those buyers who:

29. A debit memo (also known as the debit note) is the basis for recording entries in the:

30. A seller from whom the merchandise are purchased on credit is known as the:

31. A customer to whom the merchandise are sold on credit is known as the:

32. Business transactions for which no separate journals are maintained are recorded in the:

33. The acceptances given to the creditors or accounts payable are recorded in the:

34. The acceptances received from the debtors or accounts receivable are recorded in the:

35. The credit terms 2/10 n/30 means that:

36. When the goods are returned by a buyer, the seller sends a document to the buyer to inform him that his account has been credited for the value of goods returned. This document is known as the:

37. A credit memo is also known as the:

38. A credit memo or credit note is the basis for recording entry in the:

39. Sales discount is also known as:

40. The trade discount is allowed:

41. Master Company maintains separate journals for its repetitive transactions. It purchases inventory for cash, $1,500. This transaction will be recorded in the:

42. Albert Company maintains special journals for its repetitive transactions. It makes a cash sale of $2,500. This transaction will be recorded in the:

43. Which of the following has reduced the importance of special journals these days:

44. A credit sale is recorded in the:

45. The merchandise purchased on account are initially recorded in the:

46. Which of the following types of discount is not recorded in the books of accounts?