Recording of Transactions

Result

Recording of Transactions - I Test 34

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Weekly Quiz Competition

Question 1
1 / -0

The purchase of supplies for cash will result in an _______________.

A
Increase in cash and a decrease in capital

B
Increase in cash and an increase in supplies

C
Increase in supplies and a decrease in cash

D
Increase in equipment and an increase in capital

Solution

As supplies are purchase, therefore, the balance of supplies will increase. Supplies are assets for the business so, there will be an increase in assets, on the other hand, the balance of cash will decrease. Cash is also an asset.
Hence, there will be an Increase in supplies and a decrease in cash
Question 2
1 / -0

Another name of journal is _____________.

A
Specialized journal

B
Day book

C
Cash book

D
Record book

Solution

Journal is also known as Daybook as transactions are recorded in the journal on daily basis in chronological order.
Journal is the book of Prime Entry or Books of original Entry.
Question 3
1 / -0

The accounting entry to record bank charges deducted from the Bank Account of the business ___________.

A
Debit Bank Charges Account credit Cash Account

B
Debit Cash Account credit Bank Charges Account

C
Debit Interest account credit Bank Account

D
Debit Bank Charges Account credit Bank Account

Solution

Bank Charges are expenses for the business so, they will be debited as the Nominal Rule of Debit -All Expenses and loss and the Bank balance will decrease therefore, it will be credited as The Real Nature Rule of Credit is Credit all decrease in assets.

The Journal Entry for the Above transaction is
Bank Charges a/c Dr.
To Bank a.c
(Being bank charges deducted by the bank)
Question 4
1 / -0

A cheque for Rs. $$10,000$$ received from Ramesh, a trade debtor, should be accounted for as __________________.

A
Debit- Bank A/c, Credit- Ramesh A/c

B
Debit- Cash A/c, Credit- Sales A/c

C
Debit- Ramesh A/c, Credit- Cash A/c

D
Debit- Cash A/c, Credit- Ramesh A/c
Question 5
1 / -0

The document issued by any bank on behalf of the importer, promising to pay the money for imported goods is called _______________.

A
Letter of credit

B
Debt Card

C
Bank Draft

D
None of the above

Solution

A letter of credit, or "credit letter," is a letter from a bank guaranteeing that a importer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make a payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.
Question 6
1 / -0

_______ is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.

A
Ledger

B
Journal

C
Purchases return books

D
Sales book

Solution

Ledger is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.
Question 7
1 / -0

Which of the following is true when a debtor pays his dues?

A
The asset side of the balance sheet will decrease

B
The asset side of the balance sheet will increase

C
The liability side of the balance sheet will decrease

D
There is no change in total assets or total liabilities

Solution

when a debtor pays his dues then
The Journal Entry is
Cash a/c Dr.
To Debtors a/c
(Being amount received from the debtors)

Therefore, there is the increase in cash and a decrease in debtors which results in no change in total assets or total liabilities.
Question 8
1 / -0

Journal is the book of _______ in which every transaction is recorded before being posted into the ledger.

A
Primary entry

B
Secondary entry

C
Third entry

D
None of above

Solution

Journal is the book of Primary Entry in which every transaction is recorded before being posted into the ledger.
Journal is the book where a business transaction is entered the first time. The process of posting a business transaction in the Journal books is known as journalizing.
The process of transferring an entry from a journal to a ledger is known as posting.
Question 9
1 / -0

The bank statement reports a credit transfer of Rs. $$4,000$$ from a customer. Accounting entries for this is?

A
A debit in the cash account and a credit the account of the debtor concerned

B
A debit in the bank account and a credit in the cash account

C
A debit in the bank account and a credit in the account of the customer concerned

D
A debit in the account of the debtor concerned and a credit in the bank account
Question 10
1 / -0

Which of the following actions reflects 'parent ego' as per the concept of Transactional Analysis?

A
Pondering

B
Pleasure

C
Blessing

D
All of the above

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 34

Result

Recording of Transactions - I Test 34

Score

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Rank

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SHARING IS CARING

Question 1

Increase in cash and a decrease in capital

Increase in cash and an increase in supplies

Increase in supplies and a decrease in cash

Increase in equipment and an increase in capital

Solution

Question 2

Specialized journal

Day book

Cash book

Record book

Solution

Question 3

Debit Bank Charges Account credit Cash Account

Debit Cash Account credit Bank Charges Account

Debit Interest account credit Bank Account

Debit Bank Charges Account credit Bank Account

Solution

Question 4

Debit- Bank A/c, Credit- Ramesh A/c

Debit- Cash A/c, Credit- Sales A/c

Debit- Ramesh A/c, Credit- Cash A/c

Debit- Cash A/c, Credit- Ramesh A/c

Question 5

Letter of credit

Debt Card

Bank Draft

None of the above

Solution

Question 6

Ledger

Journal

Purchases return books

Sales book

Solution

Question 7

The asset side of the balance sheet will decrease

The asset side of the balance sheet will increase

The liability side of the balance sheet will decrease

There is no change in total assets or total liabilities

Solution

Question 8

Primary entry

Secondary entry

Third entry

None of above

Solution

Question 9

A debit in the cash account and a credit the account of the debtor concerned

A debit in the bank account and a credit in the cash account

A debit in the bank account and a credit in the account of the customer concerned

A debit in the account of the debtor concerned and a credit in the bank account

Question 10

Pondering

Pleasure

Blessing

All of the above

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