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Recording of Transactions - I Test 5

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Recording of Transactions - I Test 5
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Outstanding salary account is a _______ account.
    Solution
    Outstanding expense are those expense which are due but not paid and to be added with the respective expenses head and shown as liability in the balance sheet.
    Any amount which is due to a person against which the services are already provided for is an outstanding expense. These are personal account but put together clubbed and considered as representative person account.
  • Question 2
    1 / -0
    Which of the following, equations properly represents a derivation of the fundamental accounting equation?
    (a) Assets + Liabilities = Owner Equity
    (b) Asset = Owner Equity
    (c) Cash = Assets
    (d) Assets - Liabilities = Owner Equity
    Solution
    Accounting is based on dual aspect which signifies that for every debit, there will be a credit and vice versa.
    Accounting Equation may be defined as:

    Owners Equity + Liabilities = Total Assets
    i.e.
    Capital + Reserves & surplus + Liabilities = Fixed Assets + Current Assets.
  • Question 3
    1 / -0
    A book containing a chronological record of business transaction & original record is called a _________.
    Solution
    A journal is known as the original book of entry and is also called the prime entry. All the accounting transactions are first recorded in journal in the order of the transactions taking place. Such order is called a chronological order. 
    Therefore, journal is the original book of recording transactions in the chronological order.
  • Question 4
    1 / -0
    "Debit the receiver credit the giver"is the rule for _____________.
    Solution
    Account are classified in to three categories i.e. Personal Account, Real Account and Nominal Account. For every account there is rule. These are called golden rule of accountancy.
    Rule for personal account is:
    Debit  the receiver
    Credit the giver
  • Question 5
    1 / -0
    Debit and credit items from the journal are transferred to the respective accounts in the __________.
    Solution
    All the accounting transactions are first recorded in journal in chronological order. These journal entries are to be transferred to individual account opened in ledger. All the debit and credit items to be transferred to individual ledger account.
  • Question 6
    1 / -0
    The word 'Debit' means __________.
    Solution
    Debit is an expense or an amount of money paid from an account which results in the increase or a decrease in a liability or owner's equity on the balance sheet. It is listed on the left hand side of the account. It also means due for that i.e. due for the amount paid.
  • Question 7
    1 / -0
    Small firms may adopt _________.
    Solution
    Recording of transactions helps to make the financial statement accurate. Recording of transaction in journal helps small firms to keep their track of transactions upto date. Hence small firms may adopt the journal system.
  • Question 8
    1 / -0
    The following comments each relate to the recording of journal entries. Which statement is true?
    Solution
    All business transaction which are of monetary value need to be recorded in journal in chronological order.The process of making the journal entries is called as journalization. All the transactions are having two affects i.e. debit and credit.
  • Question 9
    1 / -0
    Accounting equation is a _______.
    Solution
    Accounting equation states that assets is equal to equity. Equity consists of liabilities and shareholder's capital. Hence, it is a formula .i.e. Assets = Equity.
  • Question 10
    1 / -0
    The word 'Credit' means _________.
    Solution
    Credit is basically a trust in which one party gives money or resources to other party who does not reimburse the thing immediately but pays the same at future date. It also means due to that i.e. amount received.
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