Recording of Transactions

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Recording of Transactions - I Test 29

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Question 1
1 / -0

Capital is the difference between ___________________.

A
Income and Expenses

B
Sales and Cost of goods sold

C
Assets and Liabilities

D
None of the Above

Solution

Accounting Equation can be defined as:

Capital+Liabilities=Total Assets

Therefore Capital= Total Assets- Liabilities.
Question 2
1 / -0

_____ is a book of account; in which all types of accounts relating to assets, liabilities, capital, expenses and revenues are maintained.

A
Ledger

B
Journal

C
Primary entry book

D
None of above

Solution

Ledger is a secondary and principal book of account whereas all types of accounts relating to assets, liabilities, capital, expenses and revenues are maintained.
Ledger is prepared after recording the in the journal books.
Question 3
1 / -0

In the particulars account, the name of the account to be credited is entered at ___________ place with a prefix 'To'.

A
In confirmation of the name of the account to be debited

B
Next line to the account name that is to debited

C
Anywhere in the journal

D
None of the above

Solution

In the particulars account the name of the account to be credited is entered at next line to the account name that is to debited place with a prefix 'To'.
Question 4
1 / -0

Journalizing is ___________.

A
process of having the source of transactions

B
process of recording transactions in the journal

C
process of having the sources of transactions for journal

D
none of the above

Solution

Journalizing is the process of recording a business transaction in the accounting records. This activity only applies to the double-entry bookkeeping system.
This calls for the identification of the general ledger accounts that will be altered as a result of the transaction.
Question 5
1 / -0

Location of the debit column is ____________.

A
in contravention with particulars

B
in front of the particulars column where the amount is debited

C
in front of the particulars column where the amount is credited

D
not present anywhere in the journal

Solution

Location of the debit column is in front of the particulars column where the amount is debited
Question 6
1 / -0

Which of the following accounting equation is correct?

A
Capital (Rs. $$15,000$$)$$=$$Fixed Assets(Rs. $$12,000$$) $$+$$ Cash ($$4,000$$)

B
Trade Payable (Rs. $$3,000$$) $$+$$ Capital (Rs. $$17,000$$) $$+$$ Bills Payable (Rs. $$4,000$$) $$=$$Fixed Assets (Rs. $$20,000$$)

C
Capital (Rs. $$15,000$$) $$=$$Cash ($$3,000$$) $$+$$ Fixed Assets (Rs. $$9,000$$)

D
Trade Payable (Rs. $$8,000$$) $$+$$ Capital (Rs. $$7,000$$) $$=$$Fixed Assets (Rs. $$8,000$$)$$+$$ Cash at bank (Rs. $$4,000$$)$$+$$Cash (Rs. $$3,000$$)

Solution

Accounting Equation :- Total Assets = Capital+ Liabilities
Trade Payable (Rs. 8,000) + Capital (Rs. 7,000) =Fixed Assets (Rs. 8,000)+ Cash at bank (Rs. 4,000)+Cash (Rs. 3,000)
= 15000 = 15000
Option D is Correct
Question 7
1 / -0

Which does not appear in a purchases ledger control account?

A
Bad debts

B
Discount received

C
Goods returned to creditors

D
Interest charged by supplier

Solution

Purchase ledger control accounts records the transactions related to purchases.
Bad debts is an amount due from a customer which is not recoverable now. Bad debts is a loss to the organization and to be debited to profit & loss account.
Question 8
1 / -0

The rule for personal accounts is _____________.

A
Debit the receiver, Credit the giver

B
Debit what comes in, Credit what goes out

C
Debit all expenses and losses, Credit all incomes and gains

D
All of the Above

Solution

Accounts recording transactions with a person or group of persons are known as personal accounts. These accounts are necessary, in particular, to record credit transactions. Personal accounts are of the following types:
1. Natural persons: An account recording transactions with an individual is termed as a natural persons' personal account. For e.g. Kamal's account, Mala's account. Both males and females are included in it.
2 Artificial or legal persons: An account recording financial transactions with an artificial person created by law or otherwise is termed as an artificial persons' personal account. For e.g. Firms' accounts, limited companies' account.
3. Representative personal accounts: An account indirectly representing a person or persons is known as representative personal account.
The rule for personal accounts is: Debit the receiver; Credit the giver.
Question 9
1 / -0

The data and month of the first entry are written ___________.

A
On the next line of the date column

B
On the same line of the date column

C
On a line above the date column

D
At the left of the date column

Solution

The data and month of the first entry are written on the same line of the date column of the Journal.
Journal is also known as the books of original entry or books of primary entry.
Transactions are recorded for the first time in the journal books.
Question 10
1 / -0

Of the following account types, which would be increased by a debit?

A
Liabilities and expenses

B
Assets and equity

C
Assets and expenses

D
Equity and revenues
Solution
- Assets (Cash, Accounts receivable, Inventory, Land, Equipment, etc.)
- Expenses (Rent Expense, Wages Expense, Interest Expense, etc.)

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 29

Result

Recording of Transactions - I Test 29

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SHARING IS CARING

Question 1

Income and Expenses

Sales and Cost of goods sold

Assets and Liabilities

None of the Above

Solution

Question 2

Ledger

Journal

Primary entry book

None of above

Solution

Question 3

In confirmation of the name of the account to be debited

Next line to the account name that is to debited

Anywhere in the journal

None of the above

Solution

Question 4

process of having the source of transactions

process of recording transactions in the journal

process of having the sources of transactions for journal

none of the above

Solution

Question 5

in contravention with particulars

in front of the particulars column where the amount is debited

in front of the particulars column where the amount is credited

not present anywhere in the journal

Solution

Question 6

Capital (Rs. $$15,000$$)$$=$$Fixed Assets(Rs. $$12,000$$) $$+$$ Cash ($$4,000$$)

Trade Payable (Rs. $$3,000$$) $$+$$ Capital (Rs. $$17,000$$) $$+$$ Bills Payable (Rs. $$4,000$$) $$=$$Fixed Assets (Rs. $$20,000$$)

Capital (Rs. $$15,000$$) $$=$$Cash ($$3,000$$) $$+$$ Fixed Assets (Rs. $$9,000$$)

Trade Payable (Rs. $$8,000$$) $$+$$ Capital (Rs. $$7,000$$) $$=$$Fixed Assets (Rs. $$8,000$$)$$+$$ Cash at bank (Rs. $$4,000$$)$$+$$Cash (Rs. $$3,000$$)

Solution

Question 7

Bad debts

Discount received

Goods returned to creditors

Interest charged by supplier

Solution

Question 8

Debit the receiver, Credit the giver

Debit what comes in, Credit what goes out

Debit all expenses and losses, Credit all incomes and gains

All of the Above

Solution

Question 9

On the next line of the date column

On the same line of the date column

On a line above the date column

At the left of the date column

Solution

Question 10

Liabilities and expenses

Assets and equity

Assets and expenses

Equity and revenues

Solution

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