Accounting Multiple Choice Question – 16 August 2019

The total of the discount allowed column in the cash book should be posted to…?

Select ONE answer:

1. the debit side of the discount allowed account.
2. the debit side of the discount received account.
3. the credit side of the discount allowed account.
4. the credit side of the discount received account.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct
2. The total of the discount allowed column should be posted to the discount allowed account.
3. This is the correct account but the wrong side of the account.
4. As for answer 2 above.

 

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