741. A ____ lists each of the accounts in the general ledger with its balance as of a particular date. What is it?
A. Trial Balance
B. Balance Sheet
C. General Journal
D. Statement of retained earnings

742. What is the normal balance for an expense account?
A. Credit
B. Debit
C.Contraliability
D. None of these

743. The act of transferring the information from the General Journal to the General Ledger is called what?
A. Posting
B. Journalizing
C. Transferring
D. Pasting

744. Total sales for August, including 7% sales tax, was $21,400. What was the Actual Sales Revenue?
A. $21,400
B. $20,000
C. $22,898
D. $1,400

745. The abbreviations for debit and credit (Dr. and Cr.) come from what language, and mean what?
A. Latin, debere and credere
B. Latin, debitor and creditor
C. Greek, debere and credere
D. Greek, debitor and creditor

746. What kind of balance sheet makes distinctions between current and capital assets?
A. Classified
B.Gregarian
C. Normal
D. Keynesian

747. What is an account that involves expenses, losses, incomes and gains known as?
A. Basic Account
B. Nominal Account
C. Spending Account
D. None Of These

748. What is a salary in terms of expenses and incomes?
A. Expense for employer and income for employee
B. Expense for employer and income for customer
C. Expense for manager and income for owner
D. Expense for customer and income for employee

749. What is opportunity cost?
A. The next best undergone alternative
B. The cost of the product
C. The next best transfer earning
D. The next best foregone alternative

750. What happens in a Double entry system?
A. For every Debit there is an equal Credit
B. For every Liability there is an equal Credit
C. For every Debit there is an equal Asset
D. There is no such thing as double entry system

NOTE
IF YOU THINK ANY OF THE MCQ ABOVE IS WRONG.
PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
THANK YOU

This Post Has One Comment

  1. Hello šŸ™‚ I just want to tell you that I am all new to blogging and certainly savored your web page. Very likely Iā€™m want to bookmark your blog post . You definitely come with terrific articles and reviews. Thanks a bunch for sharing your web site.

Leave a Reply