1101. The money with which business is started is known as :

A. Capital *
B. Creditor
C. Income
D. Debtor

1102. The person who owes money is :

A. A creditor
B. A debtor *
C. An owner
D. An agent

1103. The person to whom money is owned is :

A. A creditor *
B. A debtor
C. An owner
D. An agent

1104. The books of account in which business transactions are originally recorded in chronlogical order are :

A. Ledger
B. Journal *
C. Trial Balance
D. Balance sheet

1105. The act of recording each transaction in the journal is called :

A. Journalizing *
B. Posting
C. Journal folio or folioing
D. Ledger

1106. Journal shows all necessary information regarding :

A. The document
B. A transaction *
C. The accounting
D. Meeting

1107. Transactions are recorded chronologically so, Journal is called ?

A. Entry book
B. Transaction book
C. Chronological book *
D. Voucher

1108. A transaction is recorded on the same day it takes place so, Journal is also called :

A. A day book *
B. A history book
C. An entry book
D. Ledger book

1109. Narration is always written :

A. Above each entry
B. Below each entry *
C. Between of each entry
D. None of the above

1110. A journal is generally kept on :

A. A columnar basis *
B. A row basis
C. A single line basis
D. A vertical basis