Recording of Transactions

Result

Recording of Transactions - I Test 33

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Weekly Quiz Competition

Question 1
1 / -0

What is uncommon in ledger?

A
Name of the accounts used in journal are different from ledger

B
Account which is credited in journal debited in ledger

C
Both a & b

D
None of the above
Question 2
1 / -0

What is NOT required for ledger?

A
Date

B
Using 'To' and 'By'

C
In folio column page number of journal

D
None of the above

Solution

All the above mentioned things are required by journal
Question 3
1 / -0

Function of the ledger is _____________.

A
to calculate the total debit and credit of the company

B
to prepare the summary of each account

C
to record all the transactions in a period.

D
All of the above

Solution

In ledger, summary of each account is prepared.
Question 4
1 / -0

The following comments below relate to the recording of journal entries. Which statement is true?

A
For any given journal entry, debits must exceed credits.

B
It is customary to record credits on the felt and debits on the right

C
The chart of accounts reveals the amount to debit and credit to the affected accounts

D
Journalization is the process of converting transactions and events into debit/credit format.

Solution

Journalization is the process of converting transactions and events into debit/credit format.
Question 5
1 / -0

Which ONE of the following, in a classified form, contains permanent records of all transactions?

A
Cash Book

B
Sales Day Book

C
Journal

D
Ledger

Solution

Ledger contains permanent records of all transactions
Question 6
1 / -0

Which of the following statements is incorrect?

A
In the double entry accounting system maintained manually, a journal entry A should always end with a narration explaining the need for it

B
Is needed only in the absence of other suitable book of prime entry for the transaction

C
should be substantiated by appropriate voucher and authorized at proper level

D
should always consist of a single debit entry matched by a corresponding credit entry
Question 7
1 / -0

Which of the following is recorded in the purchase book?

A
Cash paid to a creditor

B
Credit revenue purchases

C
Cheque received from a debtor

D
Purchase of fixed assets

Solution

Purchase book is a Subsidiary book. The Purchase book or Purchase day book contains the record of all credit goods purchase. A Purchase book does not hold the record of purchases of assets.
Question 8
1 / -0

Amit commenced business introducing as his capital furniture worth Rs. 21,000, a car valued at Rs. 30,000 and Rs. 48,000 in cash. The journal entry for recording this would require ____________________.

A
Debit in the three asset accounts, including cash and a credit in the Capital Account

B
No journal entries

C
Debit in the two asset accounts other than cash and a credit in the Capital Account

D
Debit in the cash Account and credit in the Capital Account

Solution

The Journal Entry would be
Furniture a/c Dr. 21000
Car a/c Dr. 30,000
Cash a/c Dr. 48,000
To Capital a/c 99,000
Question 9
1 / -0

The following comments ail relate to the recording process. Which of these statements is correct?

A
The general ledger is a chronological record of transactions.

B
The general ledger is posted from transactions recorded In the general journal.

C
The trial balance provides the primary source document for recording transactions into the general journal.

D
Transposition is the transfer of information from the general journal to the general ledger.
Question 10
1 / -0

If there is a debit balance in ledger accounts than ___________.

A
debit side of an account exceeds the credit side

B
credit side of an account exceeds the debit side

C
total of the debit side is more

D
both a & c

Solution

If there is a debit balance in ledger accounts than debit side of an account exceeds the credit side

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 33

Result

Recording of Transactions - I Test 33

Score

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Rank

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SHARING IS CARING

Question 1

Name of the accounts used in journal are different from ledger

Account which is credited in journal debited in ledger

Both a & b

None of the above

Question 2

Date

Using 'To' and 'By'

In folio column page number of journal

None of the above

Solution

Question 3

to calculate the total debit and credit of the company

to prepare the summary of each account

to record all the transactions in a period.

All of the above

Solution

Question 4

For any given journal entry, debits must exceed credits.

It is customary to record credits on the felt and debits on the right

The chart of accounts reveals the amount to debit and credit to the affected accounts

Journalization is the process of converting transactions and events into debit/credit format.

Solution

Question 5

Cash Book

Sales Day Book

Journal

Ledger

Solution

Question 6

In the double entry accounting system maintained manually, a journal entry A should always end with a narration explaining the need for it

Is needed only in the absence of other suitable book of prime entry for the transaction

should be substantiated by appropriate voucher and authorized at proper level

should always consist of a single debit entry matched by a corresponding credit entry

Question 7

Cash paid to a creditor

Credit revenue purchases

Cheque received from a debtor

Purchase of fixed assets

Solution

Question 8

Debit in the three asset accounts, including cash and a credit in the Capital Account

No journal entries

Debit in the two asset accounts other than cash and a credit in the Capital Account

Debit in the cash Account and credit in the Capital Account

Solution

Question 9

The general ledger is a chronological record of transactions.

The general ledger is posted from transactions recorded In the general journal.

The trial balance provides the primary source document for recording transactions into the general journal.

Transposition is the transfer of information from the general journal to the general ledger.

Question 10

debit side of an account exceeds the credit side

credit side of an account exceeds the debit side

total of the debit side is more

both a & c

Solution

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