Recording of Transactions

Result

Recording of Transactions - I Test 1

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Weekly Quiz Competition

Question 1
1 / -0

An international reserve asset created by the IMF taking into account the global need to supplement existing reserves is called ______________.

A
Quota

B
International Monetary Right

C
Special Drawing Rights

D
None of the above
Question 2
1 / -0

Debit means _________.

A
Decrease in asset

B
Increase in liability

C
An entry on the left hand side of an account

D
Moderate increase in liability

Solution

Debit means left side. For e.g. every accounting entry will have a debit and credit amount. The debit amount is usually listed first and will be entered on the left side of the general ledger account indicated. The general ledger accounts will have both a debit and credit side, left and right side. The balance in a general ledger account will be either a debit balance or a credit balance.
Question 3
1 / -0

In book-keeping posting means, __________.

A
to record the transactions from the journal to ledger

B
to record the transactions in the journal

C
to record the transactions in the subsidiary books

D
to record the transactions in the cash book

Solution

In book-keeping posting is the process of transferring the entries from the books of original entry (journal) to the ledger. Posting means grouping of all the transactions in respect to a particular account at one place for meaningful conclusion and to further the accounting process.
Question 4
1 / -0

Which one of the following is an example of personal account?

A
Capital account

B
Building account

C
Cash account

D
Investment account

Solution

A personal account is an account for use by an individual for that person's own needs. Capital account is representing owner of the business, a person or organisation. Examples of personal account are: Debtors, creditors, banks, capital, drawing, outstanding/prepaid accounts.
Question 5
1 / -0

The basic rule of book-keeping, debit the receiver and credit the giver is applicable to ________________.

A
Nominal account

B
Real account

C
Personal account

D
Drawing account

Solution

The rule related to Personal account states debit the receiver and credit the giver. In other words, if a person receives something, receiver's account shall be debited and if a person gives something, giver's account shall be credited.
Question 6
1 / -0

Which of the following accounts is increased by debit entries?

A
Machinery account

B
Purchases return account

C
Discount received account

D
Commission received account

Solution

A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. Machinery is a fixed asset account hence it is increased by debit entries.
Question 7
1 / -0

Account current is a journal.

A
True

B
False

C
Partly true

D
Partly false

Solution

Account current is a type of account that is ongoing between the two parties. Its a kind of summary report. Its not a journal.
Question 8
1 / -0

Goods of the value of Rs. 1500 taken by the proprietor for his personal use should be debited to _______________.

A
Drawing account

B
Sales account

C
Purchases account

D
Stock account

Solution

Withdrawal of money and/or goods by the owner from the business for personal use is known as Drawing.

Drawings reduces the investments of the owners. The journal entry for goods of the value Rs. 1,500 taken by the proprietor for his personal use is:
Drawing A/c Dr.
To Purchases A/c.
Question 9
1 / -0

Any written document in support of a business transaction is called a ___________.

A
Voucher

B
Bill

C
Carbon Copy

D
Expense Bill

Solution

Prudence concept of accounting defines that each of the accounting transaction must have prudent documents. Each business transaction must have a proper supporting. This documents are called as voucher.
Question 10
1 / -0

How many sides does an account have?

A
One

B
Two

C
Three

D
Four

Solution

After recording transactions in Journal, they are transferred to the ledger accounts. Ledger is known as a secondary book. Each account has two sides i.e. debit side and the credit side.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 1

Result

Recording of Transactions - I Test 1

Score

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Rank

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SHARING IS CARING

Question 1

Quota

International Monetary Right

Special Drawing Rights

None of the above

Question 2

Decrease in asset

Increase in liability

An entry on the left hand side of an account

Moderate increase in liability

Solution

Question 3

to record the transactions from the journal to ledger

to record the transactions in the journal

to record the transactions in the subsidiary books

to record the transactions in the cash book

Solution

Question 4

Capital account

Building account

Cash account

Investment account

Solution

Question 5

Nominal account

Real account

Personal account

Drawing account

Solution

Question 6

Machinery account

Purchases return account

Discount received account

Commission received account

Solution

Question 7

True

False

Partly true

Partly false

Solution

Question 8

Drawing account

Sales account

Purchases account

Stock account

Solution

Question 9

Voucher

Bill

Carbon Copy

Expense Bill

Solution

Question 10

One

Two

Three

Four

Solution

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