321. Which of the following will be debited if a business purchases goods on credit?
A. Cash
B. Debtor
C. Creditor
D. Purchases

322. Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?
A. Drawings
B. Cash
C. Business
D. Stock

323. Journals are also referred as_____________?
A. Book of entries
B. Book of original entries
C. T account
D. Books of economic event

324. The standard format of journal does not include which of the following?
A. Assets column
B. Date column
C. Description column
D. Amount column

325. In which of the following orders data is entered in journal?
A. Alphabetical order
B. Numeric order
C. Bullets order
D. Chronological order

326. Which of the following accounts will be credited if a company purchases building for cash?
A. Capital account
B. Fixed assets account
C. Building account
D. Cash account

327. Discount for quick repayment of debt is normally referred as____________?
A. Trade discount
B. Prompt payment discount
C. Cash discount
D. Bulk discount

328. The first step in accounting process is___________?
A. Recording the transaction
B. Identifying the transaction
C. Posting the transaction
D. Preparing the source documents

329. A chart of accounts generally start with which of the following types of accounts?
A. Assets accounts
B. liability accounts
C. Cash accounts
D. Revenue accounts

330. Total depreciation of an asset cannot exceed its:
A. Scrap value
B. Residual value
C. Market value
D. Depreciable value

NOTE
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PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
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