Recording of Transactions

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Recording of Transactions - I Test 18

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Question 1
1 / -0

Narrations are usually given at the end of..........

A
Each journal entry

B
Each page

C
Each column

D
Each account

Solution

Narrations are given at the end of each journal entry. Each journal entry includes the date, the amount of the debit and credit, the titles of the accounts being debited and credited (with the title of the credited account being indented), and also a short narration of why the journal entry is being recorded.
Question 2
1 / -0

Books of original entry is also known as _______.

A
Invoice book

B
Journal

C
Debit/Credit note book

D
Ledger

Solution

Books of original entry refers to the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger, from which financial statements are produced refers to the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger, from which financial statements are produced.
Question 3
1 / -0

...... is the document supporting the veracity of a transaction.

A
voucher

B
RR

C
Acknowledgement

D
Debit/credit memo

Solution

Voucher is the document supporting the veracity of a transaction.
On the basis of source documents, a voucher detailing the accounts that are debited and credited is prepared.
There are two types of Accounting Vouchers
1. Cash Vouchers
2. Non-Cash Vouchers.
Therefore, Voucher relates to Cash receipt and payments, credit transactions
Question 4
1 / -0

Tick the correct statement

A
Trade discount is not recorded in the books of A/c

B
If a transaction is left to be recorded wholly or partially it is an error of principle

C
Purchase journal is opened for all types of purchases.

D
The amount of total sales can be ascertained from Debtors A/c

Solution

There are mainly two types of discounts
1. Trade Discount
2. Cash Discount
Trade discount is not recorded in the books of A/c as it is offered immediately at the time of sale of goods whereas cash discount is recorded in the books of accounts.
Question 5
1 / -0

An entry for a transaction that affects more than two accounts is known as

A
Complex Entry

B
Compound Entry

C
Single Entry

D
Duplicate Entry

Solution

There are two types of Journal Entry
1. Simple Journal Entry
2. Compound Journal Entry

A compound journal entry is an entry involving more than two accounts. In a compound journal entry, there are two or more debits, credits, or both. Rather than making separate journal entries for the same transaction.
Question 6
1 / -0

.......is the brief explanation why a particular account has been debited or credited.

A
Narraton

B
Explanatory notes

C
Notes to accounts

D
Footnotes

Solution

The narration explains a brief description of the transaction.
A brief explanation of the transaction, together with necessary details, is provided with the Journal entry. This explanation is called a narration. It provides the details of the Journal entry and helps understand the account debited or credited.
Question 7
1 / -0

Vouchers include

A
Receipt , Cash Memo

B
Invoices, Bills

C
Cheque, counterfoil

D
All the three

Solution

A voucher include receipts, cash memo, invoices, bills, cheques, counterfoil etc.
There are two types of Vouchers
1. Source Voucher; It includes receipts, cash memos, invoices, bills, cheques and counterfoils.
2. Accounting Vouchers: It includes Cash Vouchers and Non Cash Vouchers.
Question 8
1 / -0

Voucher is documentary evidence in support of......

A
Transaction

B
Event

C
Claim

D
Adjustment

Solution

A voucher is documentary evidence in support of a transaction recorded in the books of account. It is a written document or paper in support of an entry in the books of account.
On the basis of source documents, a voucher detailing the accounts that are debited and credited is prepared.
There are two types of Accounting Vouchers
1. Cash Vouchers
2. Non-Cash Vouchers.
Therefore, Voucher relates to Cash receipt and payments, credit transactions
Question 9
1 / -0

The equality of Total Assets and Total Liability is known as........

A
Accounting equation

B
Accounting concept

C
Accounting jugglery

D
Accounting practice

Solution

When all the assets are equal to the total of all liabilities and capital then the accounting equation is satisfied.
As per the Accounting equation
Total Assets = Total Liabilities + Capital
Capital is also liability for the business
Therefore, The equality of Total Assets and Total Liability is known as Accounting Equation.
Question 10
1 / -0

How many column are found in a ledge......

A
6

B
5

C
8

D
2

Solution

Ledger is known as the book of Principal Entry
The ledger has 8 columns.
The ledger is divided into 2 sides i.e., the Debit side and the credit side.
Each side has 4 columns namely - Date, Particulars, JF, Amount.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 18

Result

Recording of Transactions - I Test 18

Score

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Rank

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SHARING IS CARING

Question 1

Each journal entry

Each page

Each column

Each account

Solution

Question 2

Invoice book

Journal

Debit/Credit note book

Ledger

Solution

Question 3

voucher

RR

Acknowledgement

Debit/credit memo

Solution

Question 4

Trade discount is not recorded in the books of A/c

If a transaction is left to be recorded wholly or partially it is an error of principle

Purchase journal is opened for all types of purchases.

The amount of total sales can be ascertained from Debtors A/c

Solution

Question 5

Complex Entry

Compound Entry

Single Entry

Duplicate Entry

Solution

Question 6

Narraton

Explanatory notes

Notes to accounts

Footnotes

Solution

Question 7

Receipt , Cash Memo

Invoices, Bills

Cheque, counterfoil

All the three

Solution

Question 8

Transaction

Event

Claim

Adjustment

Solution

Question 9

Accounting equation

Accounting concept

Accounting jugglery

Accounting practice

Solution

Question 10

6

5

8

2

Solution

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