Recording of Transactions Test

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Recording of Transactions Test - 1

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Question 1
1 / -0

Goods purchased on credit will increase the

A
liability

B
Capital

C
Debtor

D
Drawings

Solution

Explanation:

Purchaser have to pay the amount in future when goods are purchased on credit which increases the liability.
Question 2
1 / -0

Additional capital introduced in the business will increase ____ and ____

A
liabilities and Capital

B
Land and Capital

C
Assets and Capital

D
Assets and liabilities

Solution

Explanation:

capital is the amount invested by owner. when owner introduce some additional amount it will increase cash or bank balance (which is assets) and Capital .
Question 3
1 / -0

Cash Memo is a source of document prepared by the seller of the goods for

A
debit

B
cash

C
credit

D
cash and credit

Solution

Explanation:

When a seller sell some goods on cash he provides a receipt of sale that receipt or source document on the basis of which we record transaction in accounts is called cash memo.
Question 4
1 / -0

Difference between assets and liabilities is

A
Liabilities

B
Cash

C
Drawings

D
Capital

Solution

Explanation:

The genral equation in accountancy is Capital = Assets - Liabilities.

Total Liabilities are sum total of Capital or other Liabilities.
Question 5
1 / -0

Proprietor is a creditor of the business for ______

A
Capital

B
Drawings

C
Liabilities

D
Cash

Solution

Explanation:

Amount Invested by owner is Called Capital. It is an liabilitiy on Business which business have to pay at the winding up of business So Owner is called Creditor for the Capital amount.
Question 6
1 / -0

Items owned by a business that have monetary value are ____

A
Assets

B
Debentures

C
Capital

D
Liabilities

Solution

Explanation:

Assets are the property owned by business having monetary value. Assets can be in tangible assets or intangible assets.

Example:- Cash, Bank, Stock, Debtors, Goodwill Etc.
Question 7
1 / -0

Payment of expenses will ______ the assets

A
Increase

B
Reduce

C
No Effect

D
Apportion

Solution

Explanation:

when we made payment of expense it will reduce business cash or bank balance which is an asset. So, This will reduce Business Assets.
Question 8
1 / -0

The owner withdraws business assets for personal use.

A
Assets: No .Liabilities: Increase, Equity: No Effect

B
Assets: Decrease, Liabilities: No Effect, Equity: Decrease

C
None of these

D
Assets: Decrease, Liabilities: Decrease, Equity: Decrease

Solution

Explanation:

when owner withdrew business assets for personal use it is called Drawing. It will affect the Asset and Equity. Drawing made out of business will decrease business assets and Equity but it will not affect liabilities of business.
Question 9
1 / -0

Which source of document prepared by the seller of the goods on credit

A
Cash Invoice

B
Invoice

C
Cash memo

D
None

Solution

Explanation:

Invoice means a list of goods sent or services provided, with a statement of the sum due for these.
Question 10
1 / -0

Pay-in-slip is a

A
Both of these

B
None of these

C
Document drawn upon a specified banker and payable on demand

D
Source document for having deposits made in the bank

Solution

Explanation:

When a person wants to deposit cash or cheques in his bank account he customarily fills out a slip to show the number of his account, the date, and the details of the deposit. This works as a source document for the entity.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions Test - 1

Result

Recording of Transactions Test - 1

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Rank

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SHARING IS CARING

Question 1

liability

Capital

Debtor

Drawings

Solution

Question 2

liabilities and Capital

Land and Capital

Assets and Capital

Assets and liabilities

Solution

Question 3

debit

cash

credit

cash and credit

Solution

Question 4

Liabilities

Cash

Drawings

Capital

Solution

Question 5

Capital

Drawings

Liabilities

Cash

Solution

Question 6

Assets

Debentures

Capital

Liabilities

Solution

Question 7

Increase

Reduce

No Effect

Apportion

Solution

Question 8

Assets: No .Liabilities: Increase, Equity: No Effect

Assets: Decrease, Liabilities: No Effect, Equity: Decrease

None of these

Assets: Decrease, Liabilities: Decrease, Equity: Decrease

Solution

Question 9

Cash Invoice

Invoice

Cash memo

None

Solution

Question 10

Both of these

None of these

Document drawn upon a specified banker and payable on demand

Source document for having deposits made in the bank

Solution

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