851. _ is the evidence that a transaction took place?
A: Source documents
B: Ledger
C: Bonds
D: Journals
852. Which of the following will be debited if a business purchases goods on credit?
A: Cash
B: Debtor
C: Creditor
D: Purchases
853. General journal is a book of _ entries?
A: First
B: Original
C: Secondary
D: Generic
854. The process of recording transactions in different journals is called_________?
A: Journalizing
B: Posting
C: Entry making
D: Adjusting
855. Every business transaction affects at least __ accounts?
A: One
B: Two
C: Three
D: Infinite
856. Discount allowed is a kind of deduction from_____________?
A: Account payable
B: Account receivable
C: Cash account
D: Discount account
857. The other name of the journal is____________?
A: Day book
B: Ledger
C: T account
D: Cash book
858. A journal entry in which two or more accounts are debited or credited is referred to as____________?
A: Compound entry
B: Journal entry
C: Multi-entry
D: Additional entry
859. An example of direct expense is
A. Direct Material cost
B. Direct labour cost
C. Both A and B
D. Hiring specialized equipment for a specific task
860. Coal used in a factory is an example of :
A. Direct Material
B. Direct expense
C. Indirect material
D. Indirect expense
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