Accountancy MCQs
Topic Notes: Accountancy
General Description
Plato
- Biography: Ancient Greek philosopher (427–347 BCE), student of Socrates and teacher of Aristotle, founder of the Academy in Athens.
- Important Ideas:
- Theory of Forms
- Philosopher-King
- Ideal State
11
The bills receivable book is classified as a component of which accounting record?
Answer:
Journal
The bills receivable book is a subsidiary book used to record transactions related to bills received from debtors. Since it is a book of original entry where transactions are recorded chronologically before being posted to the ledger, it is considered a part of the journal system.
12
Within the accounting system, the Bills Receivable Book is classified as a component of which record?
Answer:
Journal
The Bills Receivable Book is a subsidiary book used to record all bills of exchange received from debtors. Since it is a book of original entry where transactions are recorded chronologically before being posted to the ledger, it is considered a specialized part of the Journal system, rather than a ledger account or a final financial statement.
13
Which of the following is not classified as a special purpose journal?
Answer:
Debtors journal
Special purpose journals are books of original entry used to record specific types of repetitive transactions. While cash, purchase, and sales journals are standard special purpose books, a 'Debtors journal' is not a standard accounting term; instead, transactions involving debtors are typically recorded in the Sales Day Book or the Sales Ledger.