Recording of Transactions

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Recording of Transactions - I Test 35

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Question 1
1 / -0

Journal has _______ columns.

A
$$4$$

B
$$5$$

C
$$3$$

D
$$6$$

Solution

Journal has 5 columns namely Date, Particulars, Ledger Folio, Debit Amount, Credit Amount.
Journal is known as the books of Prime Entry or Books of Original Entry.
The processing of posting the business transaction in a Journal is known as Journalizing.
Question 2
1 / -0

Which of the following item is found in a Journal entry?
$$1$$. Date of each transaction
$$2$$. Rupee amount of each debit and credit
$$3$$. Explanation of each transaction.

A
$$1$$ only

B
$$1$$ & $$2$$ only

C
$$2$$ & $$3$$ only

D
All of the above
Solution
The essential elements of the journal entry format are as follows:
- A header line may include a journal entry number and entry date. The number is used to index the journal entry, so that it can be properly stored and retrieved from storage.
- The first column includes the account number and account name into which the entry is recorded. This field is indented if it is for the account being credited.
- The second column contains the debit amount to be entered.
- The third column contains the credit amount to be entered.
- A footer line may also include a brief description of the reason for the entry. An entry in the footer line is highly recommended, since there are so many journal entries that it is easy to forget why each entry was made.
Question 3
1 / -0

Journal and ledger records transactions in _________________.

A
A chronological order and analytical order respectively.

B
An analytical order and chronological order respectively.

C
A chronological order only

D
An analytical order only

Solution

Journal and ledger records transactions in a chronological order and analytical order respectively.
Journal has 5 columns namely Date, Particulars, Ledger Folio, Debit Amount, Credit Amount.
Journal is known as the books of Prime Entry or Books of Original Entry.
The processing of posting the business transaction in a Journal is known as Journalizing.
Question 4
1 / -0

_______is used to record the particulars of all the bills payable accepted by the business organization for the purpose of paying amounts due to its creditors.

A
Journal proper

B
Bills Payable Book

C
Bills Receivable Book

D
Sales Book
Question 5
1 / -0

The total of the amount of the bills receivable book is posted to the _______in the ledger.

A
Dr. of bills payable account

B
Cr. of bills payable account

C
Cr. of bills receivable account

D
Dr. of bills receivable account

Solution

The total amount of the bills receivable book is posted to the credit of the bills receivable account in the ledger.
Bills Receivable Book is a subsidiary book which records all bill receivable transactions.
Bills Receivable Book is Primary Book of Accounting.
Question 6
1 / -0

Journal is book of _______________.

A
Analytical record

B
Chronological record

C
Alphabetical record

D
None of above

Solution

Journal is book of chronological record as it records transactions on daily basis.
Question 7
1 / -0

Ledger is the ______ of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.

A
Principal book

B
Primary entry book

C
Third entry book

D
None of above

Solution

Ledger is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded.
The process of transferring journal entries to ledger accounts is known as Posting.
Ledger is also known as Book of Final Entry.
With the help of Ledger accounts, the trial balance is prepared.
Question 8
1 / -0

Process of recording transaction in ledger is known as ____________.

A
Balancing

B
Posting

C
Journalizing

D
None of above

Solution

When the transactions are recorded in ledger, than the process is known as posting.
Question 9
1 / -0

Goods worth $$Rs. 10,000$$ were purchased by $$B$$ on which the traders allowed $$Rs. 500$$ trade discount and offer to given $$5$$% cash discount if immediate payment is made. The Purchase A/c will be debited by ____________.

A
$$Rs. 10,000$$

B
$$Rs. 9,800$$

C
$$Rs. 9,000$$

D
$$Rs. 9,500$$

Solution

The Purchase A/c will be debited by $$Rs. 9,500$$. Cash discount will be considered at the time of payment. Cash Discount is applicable if payment made immediately. Here, payment is not made immediately. So, cash discount is not calculated and trade discount is not recorded in books of accounts.
Question 10
1 / -0

The rule for real accounts is _______________.

A
debit the receiver, credit the goes out

B
debit what comes in, credit what goes out

C
debit all expenses and losses, cedit all incomes and gains

D
all of the above

Solution

There are mainly three types of accounts: Real, Personal, and Nominal accounts. Personal accounts are classified into three subcategories: Artificial, Natural, and Representative.
All assets of a firm, which are tangible or intangible, fall under category "Real Accounts". Tangible real accounts are those which can be touched and felt physically, whereas intangible real accounts are related to things that can't be touched and felt physically.

The golden rule for real accounts is: Debit what comes in, Credit what goes out.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 35

Result

Recording of Transactions - I Test 35

Score

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Rank

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SHARING IS CARING

Question 1

$$4$$

$$5$$

$$3$$

$$6$$

Solution

Question 2

$$1$$ only

$$1$$ & $$2$$ only

$$2$$ & $$3$$ only

All of the above

Solution

Question 3

A chronological order and analytical order respectively.

An analytical order and chronological order respectively.

A chronological order only

An analytical order only

Solution

Question 4

Journal proper

Bills Payable Book

Bills Receivable Book

Sales Book

Question 5

Dr. of bills payable account

Cr. of bills payable account

Cr. of bills receivable account

Dr. of bills receivable account

Solution

Question 6

Analytical record

Chronological record

Alphabetical record

None of above

Solution

Question 7

Principal book

Primary entry book

Third entry book

None of above

Solution

Question 8

Balancing

Posting

Journalizing

None of above

Solution

Question 9

$$Rs. 10,000$$

$$Rs. 9,800$$

$$Rs. 9,000$$

$$Rs. 9,500$$

Solution

Question 10

debit the receiver, credit the goes out

debit what comes in, credit what goes out

debit all expenses and losses, cedit all incomes and gains

all of the above

Solution

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