Recording of Transactions

Result

Recording of Transactions - I Test 24

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

Payment of Rs. 6,000 as wages to workmen for installation of a machine should be debited to _________.

A
Wages A/c

B
Repairs A/c

C
Machinery A/c

D
Cash A/c

Solution

Machinery is a permanent asset of the business and can be used for many years but it will benefit to the business until it is installed at a proper place. Also any expense made in connection to fixed asset before commencement of business is regarded as capital expenditure, which means the respective expenses would be debited to fixed asset A/c. Therefore, payment of Rs. 6,000 as wages to workmen for installation of a machine should be debited to machinery A/c.
Question 2
1 / -0

Ledger book is popularly known as _________.

A
secondary book of accounts

B
principal book of accounts

C
subsidiary book of accounts

D
none of the above

Solution

Ledger book is popularly known as principal book of accounts
Question 3
1 / -0

The process of transferring the transactions relating to changes in a particular item at one place in the form of an account is called _________.

A
Journalising

B
Balancing

C
Posting

D
Casting

Solution

The process of transferring the transactions relating to changes in a particular item at one place in the form of an account is called posting.
Posting is process of transferring accounts from Journal to Ledger.
Question 4
1 / -0

When goods are purchased for the joint venture, the account to be debited is __________________.

A
Purchases account

B
Joint venture account

C
Venture's capital account

D
Joint ventures stock A/c

Solution

A joint venture is an arrangement in which two or more parties agree to pool their resources for the purpose of a specific task or transaction.

A joint venture account is prepared for measurement of venture profit. This account is debited with all venture expenses and credited with all sales or collections. The excess balance of credit side over the debit side shows the profit on joint venture and vice versa. Profit /Loss are transferred to co-venturers’ accounts in the profit-sharing ratio.

Goods bought on joint venture as well as expenses incurred in connection with the business are debited to the joint venture account and credited to the seller's account or the joint bank account.
Question 5
1 / -0

When a large number of articles are sent on a sale or return basis, it is necessary to maintain __________________.

A
Sale journal

B
Goods returned journal

C
Sale or return journal

D
Any one of these
Question 6
1 / -0

The withdrawal of goods from the business by the proprietor should be debited to ______________.

A
Drawing account

B
Purchase account

C
Capital account

D
P & L A/c

Solution

An account is set up in the balance sheet to record the transactions taken place of money removed from the company by the owners. This is known as the drawings.
In the drawing account, the amount withdrawn by the owner is recorded as a debit. If goods are withdrawn, the amount recorded is at cost value.
The journal entry will be as follows:
Drawings a/c Dr. xx
To Purchases a/c xx
Question 7
1 / -0

Which of the following types of information are found in subsidiary ledgers, but not in the general ledger?

A
Total cost of goods sold for the period.

B
The quantity of a particular product sold during the period.

C
The amount owed to a particular creditor.

D
The portion of total current assets that consist of cash.

Solution

The Sales Book is regarded as the subsidiary book which is also called as a book of original entry. The Sales Book or the sales day book consists of the records of the all-credit sales of goods or products. Sales book also reflect the quantity of the product sold during a particular point of time. Therefore, B is the correct option.
Question 8
1 / -0

In the absence of proper agreement, representative of the deceased partner is entitled to the Dead partner's share in the following items _______.

A
profits till date, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.

B
capital, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.

C
capital, profits till date, goodwill, interest on capital, share in revalued assets and liabilities.

D
capital, profits till date, goodwill, joint life policy, share in revalued assets and liabilities.

Solution

In the absence of proper agreement, representative of the deseased partner is entitled to the Dead partner's share in the following items:
1. Profits till date
2. Goodwill
3. Joint life policy
4. Interest on capital
5. Share in revalued assets and liabilities.
Therefore, D is the correct option.
Question 9
1 / -0

L.F. (i.e., Ledger Folio) column in the journal is filled at the time of _________.

A
journalising

B
balancing

C
posting

D
casting

Solution

Ledger Folio , abbreviated as L.F., is a column in the journal where in the page number of the ledger book on which the relevant account appears is recorded. In the journal, this column is filled up at the time of posting and not at the time of making journal entry.
Question 10
1 / -0

When is it necessary to analyse a transaction in terms of debit and credit?

A
At the time of journalizing

B
At the time of posting

C
In both the cases

D
In no case

Solution

At the time of journalizing, transactions are analysed in terms of debit and credit.
Then it is recorded in the form of entries in journal books.
The golden rules are applied for passing any entry in the journal books
Journal is also known as books of original entry or books of primary entry.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 24

Result

Recording of Transactions - I Test 24

Score

-

Rank

-

SHARING IS CARING

Question 1

Wages A/c

Repairs A/c

Machinery A/c

Cash A/c

Solution

Question 2

secondary book of accounts

principal book of accounts

subsidiary book of accounts

none of the above

Solution

Question 3

Journalising

Balancing

Posting

Casting

Solution

Question 4

Purchases account

Joint venture account

Venture's capital account

Joint ventures stock A/c

Solution

Question 5

Sale journal

Goods returned journal

Sale or return journal

Any one of these

Question 6

Drawing account

Purchase account

Capital account

P & L A/c

Solution

Question 7

Total cost of goods sold for the period.

The quantity of a particular product sold during the period.

The amount owed to a particular creditor.

The portion of total current assets that consist of cash.

Solution

Question 8

profits till date, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.

capital, goodwill, joint life policy, interest on capital, share in revalued assets and liabilities.

capital, profits till date, goodwill, interest on capital, share in revalued assets and liabilities.

capital, profits till date, goodwill, joint life policy, share in revalued assets and liabilities.

Solution

Question 9

journalising

balancing

posting

casting

Solution

Question 10

At the time of journalizing

At the time of posting

In both the cases

In no case

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.