Recording of Transactions

Result

Recording of Transactions - I Test 32

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following should be entered in the Journal?
(i) Payment for purchases
(ii) Fixtures bought on credit
(iii) Credit sale of goods
(iv) Sale of surplus machinery.

A
(i) and (iii)

B
(i) and (iv)

C
(ii) and (iv)

D
(iii) and (iv)

Solution

In accounting and bookkeeping, a journal is a record of financial transactions in order by date. Traditionally, a journal has been defined as the book of original entry.
Credit transactions are recorded in sales book and purchase book.
Question 2
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

As per Real Rule,
Debit - All increase in assets.

As per Nominal Rule
Debit - All Expenses and losses

Therefore, An account is debited if there is an increase in assets or expenses.
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
any where in the journal

D
none of the above
Question 4
1 / -0

The reason for totaling at the end of the page of a journal is ______________.

A
It makes whole system more convenient

B
As the calculations are lengthy it is more comfortable

C
It is a general practice

D
All of the above

Solution

The reason for totaling at the end of the page of a journal is
1. It makes whole system more convenient
2. As the calculations are lengthy it is more comfortable
3. It is a general practice
Question 5
1 / -0

Generally journal is kept in a ______________.

A
Mathematical method

B
Columnar method

C
Straight method

D
None of the above

Solution

Journal is prepared in columnar manner.
There are 5 columns in a journal
They are
Date, Particulars, Ledger Folio(LF), Debit Amount, Credit Amount
Question 6
1 / -0

This is NOT the function of ledger.

A
To classify all the items

B
To put all the items at application accounts

C
Both a & b

D
None of the above

Solution

The function of ledger is
1. To classify all the items
2. To put all the items at application accounts
Question 7
1 / -0

Book of analytical record is ___________.

A
Balance sheet

B
Journal

C
Ledger

D
All of the above

Solution

Ledger is book of analytical record.
Question 8
1 / -0

The information that is not provided in the ledger is a _______________.

A
Information regarding debtors

B
Every information is provided with narration

C
Information regarding creditors

D
Information regarding purchases

Solution

information in narration is recorded anywhere in the ledger.
Question 9
1 / -0

In ledger J.F. denotes __________.

A
Page number

B
Folio

C
Both a & b

D
None of the above

Solution

In ledger, there is a page number column and folio column
Question 10
1 / -0

Pick out the wrong one from the following statements.

A
In ledger account debit is one left hand side and credit on right hand side.

B
Ledger takes care of only real and nominal accounts of an enterprise.

C
Name of the account in ledger is written in the top middle of the account.

D
Ledger account is divided into two sides.

Solution

Ledger takes care of only real and nominal accounts of an enterprise.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 32

Result

Recording of Transactions - I Test 32

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Rank

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SHARING IS CARING

Question 1

(i) and (iii)

(i) and (iv)

(ii) and (iv)

(iii) and (iv)

Solution

Question 2

'Liabilities and expenses

Assets and equity

Assets and expenses

Equity and revenues

Solution

Question 3

in confirmation of the name of the account to be debited

next line to the account name that is to debited

any where in the journal

none of the above

Question 4

It makes whole system more convenient

As the calculations are lengthy it is more comfortable

It is a general practice

All of the above

Solution

Question 5

Mathematical method

Columnar method

Straight method

None of the above

Solution

Question 6

To classify all the items

To put all the items at application accounts

Both a & b

None of the above

Solution

Question 7

Balance sheet

Journal

Ledger

All of the above

Solution

Question 8

Information regarding debtors

Every information is provided with narration

Information regarding creditors

Information regarding purchases

Solution

Question 9

Page number

Folio

Both a & b

None of the above

Solution

Question 10

In ledger account debit is one left hand side and credit on right hand side.

Ledger takes care of only real and nominal accounts of an enterprise.

Name of the account in ledger is written in the top middle of the account.

Ledger account is divided into two sides.

Solution

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