Practice Test | Kullabs.com
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  • Which of the following statements is incorrect In the double entry accounting system maintained manually?

    A journal entry should always consist of a single debit entry matched by a corresponding credit entry.
    A journal entry should always end with a narration explaining the need for it.
    A journal entry is needed only in the absence of other suitable book of prime entry for the transaction.
    A journal entry should be substantiated by appropriate voucher and authorized at proper level.
  • If a company uses special journal, cash sales should be recorded in which journal?

    Sales journal
    Cash disbursements journal
    Cash receipts journal
    General journal
  • If a company uses special journals, credit sales should be recorded in which journal?

    Sales journal
    Cash receipts journal
    Purchase journal
    Cash disbursements journal
  • If a company uses special journal, purchase of supplies on the account should be recorded in which journal?

    Purchases journal
    Cash receipts journal
    Sales journal
    Cash disbursements journal
  • The rule of journalizing in personal account is ______.

    debit what comes in, credit what goes out
    debit the receiver, credit the giver
    debit all expenses and losses, credit all incomes and profits
    debit the giver, credit the receiver
  • ______ is the record of assets of the business.

    Nominal account
    Imperial account
    Personal account
    Real account
  • ______ does not exist in the business in real form. It appears only in the books.

    All the answers are correct
    Personal account
    Real account
    Nominal account
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