1. Daily   
  2. Weekly
  3. Monthly
  4. Annually   

Accounting Mcqs Solution

Balance sheets are prepared annually. It lists the current and fixed assets on the left side of the sheet and liabilities and owner’s equity (capital) on the right.

  1. Same day
  2. Next day
  3. Once in a week
  4. Once in a month

Accounting Mcqs Solution

Answer: Option A

Solution:

In Journal, the business transaction is recorded Same day. A journal, which is also known as a book of original entry, is the first place that a transaction is written in accounting records.

  1. Dealings with creditors or debtors
  2. Dealings in commodities
  3. Gains and losses
  4. All of the above

Accounting Mcqs Solution

Real account records Dealings in commodities.