Recording of Transactions

Result

Recording of Transactions - I Test 23

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following transactions is not posted in the Cash Book?

A
Withdrew from bank for business purpose

B
Withdrew from bank for personal use

C
Withdrew cash for personal use.

D
Credit Sales

Solution

In Cash Book, all the cash related transactions are posted.
There are mainly 4 types of Cash Book
1. Single Column Cash Book
2. Double Column Cash Book
3. Three Column Cash Book
4. Petty Cash Book
In the Double column cash book, all cash and bank-related transaction are recorded.
Option D is a non-cash transaction therefore it is not recorded in the Double Column Cash Book.
Question 2
1 / -0

Goodwill account is a ___________.

A
Nominal Account

B
Real account

C
Personal account

D
None of the above

Solution

It is an intangible real account. These accounts represent assets which cannot be seen, touched or felt but they can be measured in terms of money.
Question 3
1 / -0

Wages paid to Mohan for erecting a machine should be credited to __________.

A
wages A/c

B
machine A/c

C
Mohans A/c

D
cash A/c

Solution

'Wages paid' for the 'installation of machinery' should be debited to machinery account. Explanation: It is the amount incurred for buying and installing the machine. The 'machinery account' is debited since the machine has to be put to use.
Question 4
1 / -0

Goods taken by proprietor for domestic use should be credited to ___________.

A
sales account

B
proprietor's personal expenses

C
purchases account

D
expenses account

Solution

The journal entry of the goods taken by the proprietor for domestic use is:
Drawing account Dr.
To Purchases account
The goods taken by the proprietor for personal use, reduces the inventory of the business. Hence,it is placed on a temporary drawings account. It reduces the Owner's equity account. It is not an expense of the business.
Question 5
1 / -0

The rent paid to landlord is credited to ________________.

A
Landlord's account

B
Rent account

C
Cash account

D
None of these

Solution

Rule for nominal account describe that all expense and losses should be debited and all incomes and gains should be credited. Payment of rent to landlord is an expense which need to be debited to rent account by crediting cash account.
Question 6
1 / -0

A withdrawal of cash from business by the proprietor should be debited to _________________.

A
Drawing Account

B
Capital Account

C
Cash Account

D
Purchase Account

Solution

The transaction is based on the separate entity concept which signifies that business and its proprietor are treated two separate legal entity. Withdrawal of cash by proprietor should be debited to drawing account in the books of the business. Same amount should be credited by the proprietor in cash account.
Question 7
1 / -0

A credit sale of goods to Ram should be debited to ______________.

A
Sales Account

B
Goods Account

C
Ram's Account

D
Purchase Account

Solution

Ram is the Receiver of goods, as such, his personal account has been debited According to the rule of personal account, i.e., “Debit the Receiver”. Sales A/c will be credited according to the rule of Nominal account i.e., “Credit all incomes”.
Question 8
1 / -0

Journal and ledger records transactions in ___________________.

A
A chronological order and analytical order respectively

B
An analytical order and chronological order respectively

C
A chronological order only

D
An analytical order only

Solution

In bookkeeping and accounting, a ledger is a book (or record) for collecting historical transaction data from a journal and organizing entries by account. The ledger provides the transaction history and current balance in each accounting system account, throughout the accounting period.
Question 9
1 / -0

A withdrawal of cash from business by the proprietor of the firm should be credited to _____________.

A
Capital account

B
Cash account

C
Drawing account

D
Proprietor's account

Solution

The transaction is based on the separate entity concept which signifies that business and its proprietor are treated two separate legal entity. Withdrawal of cash by proprietor should be debited to drawing account in the books of the business. Same amount should be credited by the proprietor in cash account.
Question 10
1 / -0

Goods given as charity should be credited to _________ account.

A
Charity

B
Sales

C
Purchase

D
Cash

Solution

Charity refers to the voluntary giving of help, typically in the form of goods or money to those in need. When accounting for goods or article given as charity, The purchase are reduced with the exact cost of goods contributed. The journal entry for this transaction is as follows:
Charity A/c........Dr.
To Purchases A/c

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 23

Result

Recording of Transactions - I Test 23

Score

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Rank

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SHARING IS CARING

Question 1

Withdrew from bank for business purpose

Withdrew from bank for personal use

Withdrew cash for personal use.

Credit Sales

Solution

Question 2

Nominal Account

Real account

Personal account

None of the above

Solution

Question 3

wages A/c

machine A/c

Mohans A/c

cash A/c

Solution

Question 4

sales account

proprietor's personal expenses

purchases account

expenses account

Solution

Question 5

Landlord's account

Rent account

Cash account

None of these

Solution

Question 6

Drawing Account

Capital Account

Cash Account

Purchase Account

Solution

Question 7

Sales Account

Goods Account

Ram's Account

Purchase Account

Solution

Question 8

A chronological order and analytical order respectively

An analytical order and chronological order respectively

A chronological order only

An analytical order only

Solution

Question 9

Capital account

Cash account

Drawing account

Proprietor's account

Solution

Question 10

Charity

Sales

Purchase

Cash

Solution

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