Recording of Transactions

Result

Recording of Transactions - I Test 41

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Weekly Quiz Competition

Question 1
1 / -0

An entry which has more than one debit and or credit is called ________.

A
single

B
multiple

C
compound

D
none of these

Solution

An entry which has more than one debit and or credit is called compound entries.
Question 2
1 / -0

Which of the following statements is 'True'?

A
Building Account is a nominal account

B
Outstanding rent account is a non-personal account

C
Every debit has a corresponding credit

D
Income is debited

Solution

Accounting is based on the Dual Aspect Concept which states that for every debit there is an equal and opposite amount of credit.
Each Transaction shall have at least two effects in accounting.
Therefore, Option C: Every debit has a corresponding credit is correct.
Question 3
1 / -0

The left side of an account is known as _________ and the right side as ____________.

A
Debit, Credit

B
Credit, Debit

C
Liability, Asset

D
None of the above

Solution

The Ledger is divided into two side. The left side of an account is known as Debit side and the right side as Credit side.
Each side has 4 column namely Date, Particulars, JF and Amount.
Ledger accounts are prepared after preparing journal entries.
Question 4
1 / -0

In which of the following order, data is entered into the Journal?

A
Alphabetical order

B
Numeric order

C
Bullets order

D
Chronological order

Solution

In journal, transactions are recorded in a chronological order.
Chronological order means date wise.
Journal is prime book of accounts. The Format of Journal have 5 columns namely, Date, particulars, LF, Debit Amount, credit Amount.
Question 5
1 / -0

Bank account is _____________.

A
Personal account

B
Real account

C
Nominal account

D
Intangible real account
Question 6
1 / -0

Vouchers can be displayed in

A
Accounts info

B
Day book

C
inventory info

D
Ledger

Solution

Vouchers can be displayed in Day book.
A voucher is documentary evidence in support of a transaction recorded in the books of account. It is a written document or paper in support of an entry in the books of account.
On the basis of source documents, a voucher detailing the accounts that are debited and credited is prepared.
There are two types of Accounting Vouchers
1. Cash Vouchers
2. Non-Cash Vouchers.
Therefore, Voucher relates to Cash receipt and payments, credit transactions
Question 7
1 / -0

Financial risk is most associated with ___________________________.

A
the use of equity financing by corporations

B
the use of debt financing by corporations

C
equity investments held by corporations

D
debt investments held by corporations

Solution

Financial risk is most associated with the use of debt financing by corporations. Financial risk is the risk that a company won't be able to meet its obligations to pay back its debts. Which in turn could mean that potential investors will lose the money invested in the company. The more debt a company has, the higher the potential financial risk.
Therefore, B is the correct option.
Question 8
1 / -0

Under the head Business or Profession, the method of accounting which an assessee can follow shall be ___________.

A
Mercantile system only

B
Cash system only

C
Mercantile or cash system only

D
Hybrid system
Question 9
1 / -0

Supplier's account will be ________ when goods are received on credit.

A
Debited

B
Credited

C
Closed

D
None of these above

Solution

When goods are received on credit then goods will increase so, debit the asset and liability will be credited so, creditor will credited.
Question 10
1 / -0

The return of goods by the customer should be debited to _____________.

A
Customer A/c

B
Sales return A/c

C
Goods A/c

D
Purchase return A/c

Solution

Goods sold to the customer can be returned by the customer due to various reasons. This has to be recorded in books of account as sales return.

The accounting entry will be as under:

Sales return A/c Dr, (Real A/c- Debit what comes in)
To Customer A/c (Person a/c- Credit the giver)

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - I Test 41

Result

Recording of Transactions - I Test 41

Score

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Rank

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SHARING IS CARING

Question 1

single

multiple

compound

none of these

Solution

Question 2

Building Account is a nominal account

Outstanding rent account is a non-personal account

Every debit has a corresponding credit

Income is debited

Solution

Question 3

Debit, Credit

Credit, Debit

Liability, Asset

None of the above

Solution

Question 4

Alphabetical order

Numeric order

Bullets order

Chronological order

Solution

Question 5

Personal account

Real account

Nominal account

Intangible real account

Question 6

Accounts info

Day book

inventory info

Ledger

Solution

Question 7

the use of equity financing by corporations

the use of debt financing by corporations

equity investments held by corporations

debt investments held by corporations

Solution

Question 8

Mercantile system only

Cash system only

Mercantile or cash system only

Hybrid system

Question 9

Debited

Credited

Closed

None of these above

Solution

Question 10

Customer A/c

Sales return A/c

Goods A/c

Purchase return A/c

Solution

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