Recording of Transactions

Result

Recording of Transactions - I Test 38

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Weekly Quiz Competition

Question 1
1 / -0

Debit means ________.

A
An increase in asset

B
An increase in liability

C
A decrease in asset

D
An increase in proprietor's equity.

Solution

As per Modern Rules,
Debit means an increase in assets. examples of assets are cash, bank, machinery, furniture etc.
Credit means a decrease in assets. example- Payment of cash.

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Question 2
1 / -0

Making Provision for Discount on Debtors is an example of __________.

A
Increase in Asset & Owner's Liability

B
Decrease in Asset & Owner's Liability

C
Increase in Liability & Owner's Liability

D
Decrease in Liability & Increase in Owner's Liability

E
Increase in Liability & Decrease in Owner's Liability

Solution

It will reduce the debtors and increase expense therefore, there will be decrease in assets and capital.
Making Provision for Discount on Debtors is an example of Decrease in Asset & Owner's Liability

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Question 3
1 / -0

Loan from Mahesh Account is ______________.

A
An Asset Account

B
A Liability Account

C
A Revenue Account

D
An Expense Account
Question 4
1 / -0

1. The cost of stock as per physical verification as on 24th March amounted to Rs.2,00,000. Purchases as per Purchases Book after stock taking till 31st March amounted to Rs.2,00,000 and included the following:
(i) Rs.10,000 for goods received till 23rd March.
(ii) Rs.20,000 for goods received on 1st April. Sales as per Sales Book after stock taking, till 31st March amounted to Rs.2,00,000 and included the following:
(I) Rs.10,000 for goods delivered till 23rd March. (II) Rs.20,000 for goods delivered on 1st April. Goods are sold by the trader at a profit of 25% on Cost. The value of stock as per books Is ____________.

A
Rs.2,40,000

B
Rs.2,38,000

C
Rs.2,36,000

D
Rs.2,34,000
Question 5
1 / -0

Goods costing Rs.10,000 destroyed as free sample should be credited to

A
Purchase Account

B
Sales account

C
Cash Account

D
Drawing Account

Solution

The journal for goods distributed as free samples is -
Advertisement Expense A/c Dr 10000
To Purchases A/c 10000
Here, purchases account is credited because goods are going out of the business, when goods are brought in the business purchases account is debited, so when goods are going out of the business it is to be credited.

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Question 6
1 / -0

Goods destroyed by Fire is _______________.

A
An Asset Account

B
A Liability Account

C
A Revenue Account

D
An Expense Account
Question 7
1 / -0

Ledger is a book of _________.

A
Original entry

B
All cash transactions

C
Secondary entry

D
All non-cash transactions

Solution

Ledger is the book of secondary entry as transactions are recorded in it after being recorded in journal

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Question 8
1 / -0

A cash purchase of goods for proprietor's personal use should be credited to __________________.

A
Purchases Account

B
Sales Account

C
Drawings Account

D
Cash Account

Solution

A cash purchase of goods for proprietor's personal use should be credited to Cash Account.
The entry will be
Drawings a/c Dr.
To Cash a/c

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Question 9
1 / -0

Credit means ________.

A
an increase in asset

B
an increase in liability

C
a decrease in liability

D
a decrease in proprietor's equity

Solution

As per Modern Rule
Debit means decrease in liabilities and Capital and
Credit means an increase in liability and capital.
Therefore, Option B is correct.

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Question 10
1 / -0

Interest receivable from Mohan ( a Borrower) Account is -

A
An Asset Account

B
A Liability Account

C
A Revenue Account

D
An Expense Account

Solution

Interest receivable from Mohan is an accrued income for the business, it is treated as an Asset.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 38

Result

Recording of Transactions - I Test 38

Score

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Rank

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SHARING IS CARING

Question 1

An increase in asset

An increase in liability

A decrease in asset

An increase in proprietor's equity.

Solution

Question 2

Increase in Asset & Owner's Liability

Decrease in Asset & Owner's Liability

Increase in Liability & Owner's Liability

Decrease in Liability & Increase in Owner's Liability

Increase in Liability & Decrease in Owner's Liability

Solution

Question 3

An Asset Account

A Liability Account

A Revenue Account

An Expense Account

Question 4

Rs.2,40,000

Rs.2,38,000

Rs.2,36,000

Rs.2,34,000

Question 5

Purchase Account

Sales account

Cash Account

Drawing Account

Solution

Question 6

An Asset Account

A Liability Account

A Revenue Account

An Expense Account

Question 7

Original entry

All cash transactions

Secondary entry

All non-cash transactions

Solution

Question 8

Purchases Account

Sales Account

Drawings Account

Cash Account

Solution

Question 9

an increase in asset

an increase in liability

a decrease in liability

a decrease in proprietor's equity

Solution

Question 10

An Asset Account

A Liability Account

A Revenue Account

An Expense Account

Solution

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