Advertisements
Advertisements
Question
State whether the following statement is True or False with reasons.
Cash discount allowed should be debited to discount A/c.
Options
True
False
Solution
This statement is True.
Cash discount allowed is an expense for the business and every expense should be debited. Therefore cash discount allowed should be debited to Discount A/c.
APPEARS IN
RELATED QUESTIONS
Select the most appropriate alternative from the alternatives given below and rewrite the statement.
_________ discount is not recorded in the books of accounts.
Select the most appropriate alternative from the alternatives given below and rewrite the statement.
The ______ column of the Journal is not recorded at the time of journalising
Select the most appropriate alternative from the alternatives given below and rewrite the statement.
Goods sold on credit should be debited to _________.
Select the most appropriate alternative from the alternatives given below and rewrite the statement.
Wages paid for installation of Machinery should be debited to _________
Select the most appropriate alternative from the alternatives given below and rewrite the statement.
The commission paid to the agent should be debited to _________
Select the most appropriate alternative from the alternatives given below and rewrite the statement.
Loan taken from Dena Bank should be credited to ________
Select the most appropriate alternative from the alternatives given below and rewrite the statement.
Purchase of animals for cash should be debited to ________
State whether the following statement is True or False with reasons.
Narration is not required for each and every entry.
State whether the following statement is True or False with reasons.
A journal voucher is must for all transactions recorded in the journal.
State whether the following statement is True or False with reasons.
Goods lost by theft is debited to goods A/c.
State whether the following statement is True or False with reasons.
If rent is paid to landlord, landlord's A/c should be debited.
State whether the following statement is True or False with reasons.
Book Keeping records monetary and non-monetory transactions
Do you agree or disagree with following statement:
Narration is required for every entry.
Do you agree or disagree with following statement:
Wages paid for installation of Machinery is debited to Wages Account.
Do you agree or disagree with following statement:
The process of entering or recording the transactions in a Journal is called as Journalising.
