Set 1 MCQ Questions and Answers

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61) The process of recording transactions in different journals is called

62) Every business transaction affects at least ____ accounts

63) Discount allowed is a kind of deduction from

64) The other name of Journal is

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65) The Journal entry in which two or more account is debited or credited is referred to as

66) Goods returned by customer should be debited to which of the following accounts?

67) Discount allowed is

68) Which of the following will be debited if a business purchases goods on credit?

69) Which of the following accounts will be debited if the business's owner withdraws cash from business for personal use?

70) Journals are also referred to as

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