Recording of Transactions

Result

Recording of Transactions - I Test 15

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Question 1
1 / -0

Excess of Assets over liabilities is ___________.

A
Owner's capital

B
Net profit

C
Gross profit

D
Net worth

Solution

The accounting equation is the foundation of double entry accounting. The accounting equation displays that all assets are either financed by borrowing money or paying with the money of the company's shareholders. Thus, the accounting equation is: Assets = Liabilities + Owner's equity (Net worth). Which also means excess of asserts over liabilities is nothing but owner's equity i.e. Assets - Liabilities = Owner's equity (Net worth).
Question 2
1 / -0

Real a/c can have a _______ balance only.

A
credit

B
debit

C
both

D
None

Solution

There are mainly three types of accounts: Real, Personal and Nominal accounts. All assets of a firm, which are tangible or intangible, fall under the category "Real accounts". Tangible real accounts are related to things that can be touched or physically felt, whereas intangible real accounts are those that can't be touched and physically felt. Real accounts relate to assets. When assets are received in the business the particular asset accounts are debited. When assets are sold or otherwise disposed of, the particular asset accounts are credited. So, if an asset account has a balance it must be a debit balance. It indicates the value of asset in the possession of the business.
Question 3
1 / -0

A summary record of the changes in a particular asset, liability or owners equity is known as _________.

A
Account

B
Account current

C
Proforma Account

D
Ledger

Solution

The detailed record of all the changes that have occurred in a particular asset, liability, or owner's equity during a period is known as account. It is a record or statement of financial expenditure and receipts relating to a particular period or purpose.
Question 4
1 / -0

The transferring of amount from the journal to the appropriate accounts in the ledger is called _________.

A
Recording

B
Journalising

C
Journal entry

D
Posting

Solution

All journal entries must be transferred to a book to have the summary of each account. The book where these individual account are opened is called ledger. Process of transferring the entries from journal to ledger is called posting.
Question 5
1 / -0

Rs. 2100 received from Mr. David which was earlier written off as bad debt will be credited to ___________.

A
David A/c

B
Debtors A/c

C
Bad debts recovered A/c

D
profit and loss A/c

Solution

The amount which are not recoverable from the customers to whom goods were sold on credit, considered as loss to the business. These are called bad debts and to be debited to bad debts written off a/c.
If the same amount is recovered later on, this will be treated as income and to be credited to "Bad debts recovered a/c."
Question 6
1 / -0

In Real A/c credit means _______.

A
what comes in

B
what goes out

C
income

D
losses

Solution

Golden rule of accounting for real account is.

Debit what comes in i.e. addition
Credit what goes out i.e. reduction
Question 7
1 / -0

In Real A/c debit means __________.

A
what comes in

B
what goes out

C
income

D
losses

Solution

Golden rule of accounting for real account is:

Debit what comes in i.e. addition
Credit what goes out i.e. reduction
Question 8
1 / -0

A journal is also known by_____.

A
Account current

B
Book of original entry

C
Purchase day book

D
Current Account

Solution

Every business transaction must first be recorded in journal. Hence all original entries are found in journal itself which is a subsidiary books.
Subsidiary books of accounts are also called book of original entry as all the transactions are recorded originally or at the first instance in these books.
Question 9
1 / -0

In Nominal a/c credit means ____________.

A
what comes in

B
what goes out

C
income/gains

D
losses

Solution

Golden rule for Nominal accounts says that:

Debit all the expenses and losses.
Credit all the revenue and gains.
Question 10
1 / -0

When a entry involves only two accounts it is called _______.

A
Simple entry

B
Double entry

C
Compound entry

D
Complex entry

Solution

Accounting is based on double entry system. that means every transaction will have two impact. When only two accounts are involved, its called simple entry.
Goods worth Rs.500 purchased on cash.
Goods account and Cash account will be impacted.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 15

Result

Recording of Transactions - I Test 15

Score

-

Rank

-

SHARING IS CARING

Question 1

Owner's capital

Net profit

Gross profit

Net worth

Solution

Question 2

credit

debit

both

None

Solution

Question 3

Account

Account current

Proforma Account

Ledger

Solution

Question 4

Recording

Journalising

Journal entry

Posting

Solution

Question 5

David A/c

Debtors A/c

Bad debts recovered A/c

profit and loss A/c

Solution

Question 6

what comes in

what goes out

income

losses

Solution

Question 7

what comes in

what goes out

income

losses

Solution

Question 8

Account current

Book of original entry

Purchase day book

Current Account

Solution

Question 9

what comes in

what goes out

income/gains

losses

Solution

Question 10

Simple entry

Double entry

Compound entry

Complex entry

Solution

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