An example of a credit entry in a profit and loss account is
Carriage inwards
Carriage outwards
Discounts allowed
Discounts received
Correct answer is D
Discount received appear as a credit on the Profit and Loss Account. Basically, the cash discount received journal entry is a credit entry because it represents a reduction in expenses.
Goods returned by the buyer is recorded in the seller's book as
Carriage inwards
Carriage outwards
Returns outwards
Returns inwards
Correct answer is D
Returns inwards refer to goods returned to the selling entity by the customer/buyer due to one reason or the other. The goods would be recorded by the seller in the returns inwards account.
In the operation of an imprest of petty cash, the
Petty cashier pays all expenses
Petty cashier pays money to the accountant
Petty cashier regularly begins each period with the same amount of money
Main cashier accounts to the petty cashier for some experiences made by him
Correct answer is C
An imprest system is a Self-checking account where a fixed balance is maintained by regular replenishments and used for paying small, routine operating expenses. Also called Imprest account, Imprest fund, petty cash account, or petty cash fund.
A book that contains individual accounts of suppliers is the
Purchase ledger
General ledger
Nominal ledger
Sales ledger
Correct answer is A
A bought ledger is a system in accounting by which a business records and monitors its creditors. The purchase ledger contains the individual accounts of suppliers from whom the business has made purchases on credit.
The source document used to make entries in the purchase day book is
Debit note
Credit note
Invoice
Receipt
Correct answer is C
An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer.