21. Sales and purchase journal don't record.?
A. Credit
sales
B. Credit
purchases
C. Cash
sales and purchases
D. Credit sales and purchases
22. Credit memo or credit note No. is entered
in which of the following journal.?
A. Sales
return day book
B. Cash
journal
C. General journal
D. None of
above
23. The General journal is a book of _______
entries.?
A. Generic
B. Secondary
C. Original
D. First
24. Which one is the evidence that a
transaction took place.?
A. Bonds
B. Ledger
C. Source documents
D. Journals
25. In which of the following orders data is
entered in journal.?
A. Alphabetical
order
B. Chronological order
C. Bullets
order
D. Numeric
order
26. Internal Control is totally
synonymous with.?
A. Internal check
B. Internal audit
B. Internal audit
C. A & B
D. None of above
D. None of above
27. A partnership, in today’s
Pakistan, under the current law can have the following number of partners.?
A. 10
B. 20
B. 20
C. 50
D. 100
D. 100
28. Under the diminishing balance
method, depreciation amount is.?
A. Expenditure
B. Receipt
C. Payment
D. None of these
B. Receipt
C. Payment
D. None of these
29. All of the following are
forms of organizations except.?
A. Retailer
B. Proprietorship
C. Partnership
C. Partnership
D. Corporation
30. Investment Corporation of
Pakistan follows.?
A. Open funds
B. Closed-end mutual funds
C. Open-end mutual funds
D. None of these
D. None of these
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