Recording of Transactions

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Recording of Transactions - I Test 31

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Weekly Quiz Competition

Question 1
1 / -0

For every entry in journal the transaction can be ___________.

A
personal

B
real

C
nominal

D
all of the above
Question 2
1 / -0

A chronological record of transactions may be found in ________.

A
Trial Balance

B
Journal

C
Balance Sheet

D
Ledger

Solution

Journal is the book of prime entry. Transactions are recorded in order of occurrence of the financial transactions i.e. in the chronological order.
Question 3
1 / -0

The process of recording transaction in different journals is called _______.

A
Posting

B
Entry making

C
Adjusting

D
Journalizing

Solution

When transactions are recorded in the journal then the process is known as journalizing.
Journal is the book of original entry or prime entry. All the transactions are recorded firstly in the journal books.
Question 4
1 / -0

A brief explanation recorded in every entry in general is commonly known as ____________.

A
narration

B
explanation

C
summary

D
other information

Solution

After passing an accounting entry, a brief about the transaction is mentioned just below the entry. This brief is known as "Narration".

For example, Good purchased from Ram on credit for Rs.10000
Accounting entry with narration is as under:

Purchases A/c Dr.
To Ram
(Being goods purchased from Ram through Bill No.45 dated 23.06.2018).
Question 5
1 / -0

Every business transaction affects at least _______ accounts.

A
One

B
Two

C
Three

D
Infinite

Solution

Double entry system of accounting is based on the dual aspect concept. Dual aspect concept defines that every transaction gives two affects or every business transaction affects at least two accounts. One in debit and another in credit side.
For example, Goods purchases for cash of Rs.2000
In this transaction, two accounts i.e. cash and purchases are affected. Cash and purchases are both real accounts. Rule for a real account is "debit what comes in and credit what goes out".
Accordingly, in this transaction, goods are coming in the business and against that cash is going out. Accounting entry will be passed as under:

Purchases A/c Dr.
To Cash A/c
Question 6
1 / -0

Goods returned by customer should be debited to which of the following accounts?

A
Sales income account

B
Sales account

C
Return inward account

D
Expenses account

Solution

The journal entry for the above transaction will be
Return inwards/ sales return a/c Dr.
To Debtors a/c
Therefore, it will be debited to return the inwards account.
Question 7
1 / -0

A Sale of Rs. 100 to 'A' recorded in the Purchase Book would affect __________________.

A
Purchases Account and A's Personal Account Only

B
Sale Account and A's Personal Account Only

C
A's Personal Account Only

D
Sales Account, Purchases Account & A's Personal Account
Question 8
1 / -0

Which of the following is (are) benefit/s of subsidiary ledger accounts to business?

A
It tells about customer attitude of payments

B
It can be checked against the control account to pick up recoding errors

C
It tells about the complete history of transactions of business client

D
All of the given options

Solution

The benefit/s of subsidiary ledger accounts to business are:
1. It tells about customer attitude of payments
2. It can be checked against the control account to pick up recoding errors
3. It tells about the complete history of transactions of business client
Question 9
1 / -0

The other name of journal is ________.

A
Ledger

B
T account

C
Day book

D
Cash book

Solution

The other name of Journal is Day Book.
A journal is also named the book of original entry, from when transactions were written in a journal prior to manually posting them to the accounts in the general ledger or subsidiary ledger.
Question 10
1 / -0

Sriram purchased a furniture for Rs. 6,000, the accounts affected from this transaction will be _________________.

A
Capital account and cash account

B
Furniture account and cash account

C
Furniture account and capital account

D
Capital account and bank account.

Solution

Furniture will increase and cash will decrease

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 31

Result

Recording of Transactions - I Test 31

Score

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Rank

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SHARING IS CARING

Question 1

personal

real

nominal

all of the above

Question 2

Trial Balance

Journal

Balance Sheet

Ledger

Solution

Question 3

Posting

Entry making

Adjusting

Journalizing

Solution

Question 4

narration

explanation

summary

other information

Solution

Question 5

One

Two

Three

Infinite

Solution

Question 6

Sales income account

Sales account

Return inward account

Expenses account

Solution

Question 7

Purchases Account and A's Personal Account Only

Sale Account and A's Personal Account Only

A's Personal Account Only

Sales Account, Purchases Account & A's Personal Account

Question 8

It tells about customer attitude of payments

It can be checked against the control account to pick up recoding errors

It tells about the complete history of transactions of business client

All of the given options

Solution

Question 9

Ledger

T account

Day book

Cash book

Solution

Question 10

Capital account and cash account

Furniture account and cash account

Furniture account and capital account

Capital account and bank account.

Solution

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