Self Studies
Self Studies
Self Studies
Self Studies

Recording of Transactions - I Test 6

Result Self Studies

Recording of Transactions - I Test 6
  • Score

    -

    out of -
  • Rank

    -

    out of -
TIME Taken - -
Self Studies

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Self Studies Self Studies
Weekly Quiz Competition
  • Question 1
    1 / -0
    Journal means _______________.
    Solution
    Journal has been derived from the french word 'jour' which means day. Journal is a book of original entry which records day to day transactons of a firm. It is the book where transactions are recorded for the first time. Hence, it is called book of original entry.
  • Question 2
    1 / -0
    The basis for the accounting equation is the principle of _________.
    Solution
    Accounting equation is the foundation of double entry system of book-keeping. It displays that all the assets are either financed by borrowing money or paying from the shareholder's equity. The balance sheet being the complex version shows explain the equation very clearly and it shows that total assets is equal to total liability plus shareholder's equity. The basis for this equation is the principle of rights.
  • Question 3
    1 / -0
    American accountants have derived the rules of debit and credit through ________.
    Solution
    Accounting equation is the foundation of double entry system of book-keeping. It displays that all the assets are either financed by borrowing money or paying from the shareholder's equity. The balance sheet being the complex version shows explain the equation very clearly and it shows that total assets is equal to total liability plus shareholder's equity. Debit and credit are similar to accounting equation. Hence, american accountants have derived the rules of debit and credit through accounting equation.
  • Question 4
    1 / -0
    The main books of accounts in a business is ____________.
    Solution
    The book of original entry or prime entry is journal in which all day to day transactions are recorded. All the transactions from journal are posted to ledger which consists of different accounts on the basis of transactions recorded in journal. 
    Hence, it is regarded as the second important stage in the accounting process and also considered as the main books of account.
  • Question 5
    1 / -0
    The second important stage in the accounting process is______.
    Solution
    The book of original entry or prime entry is journal in which all day to day transactions are recorded. All the transactions from journal are posted to ledger which consists of different accounts on the basis of transactions recorded in journal. Hence, it is regarded as the second important stage in the accounting process.
  • Question 6
    1 / -0
    Which of the following is usually in the 'T' format and contains two sides?
    Solution
    An account is a record or statement of financial expenditure and receipts relating to a particular period or purpose. It consists of two sides. Right hand side is known as debit side which records all the payments and expenses whereas left hand side records all income recieved. It is in the form of 'T'.
  • Question 7
    1 / -0
    According to accounting equation concept, every business transaction recorded in accounts has two aspects. Which are these two aspects?
    Solution

    Dual aspect is the foundation or basic principle of accounting. It provides the very basis for recording business transactions into the book of accounts. This concept states that every transaction has a dual or two-fold effect and should therefore be recorded at two places. In other words, at least two accounts will be involved in recording a transaction.

    The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.

    Hence, the two aspects are giving and receiving of benefits.

  • Question 8
    1 / -0
    Journal is a book of ____________.
    Solution
    Journal has been derived from the french word 'jour' which means day. Journal is a book of original entry which records day to day transactons of a firm. It is the book where transactions are recorded for the first time. Hence, it is called book of original entry or prime entry.
  • Question 9
    1 / -0
    Which of the following is not a subsidiary book?
    Solution
    Subsidiary Books are the sub divisions of a Journal. These books are meant for recording the transactions of a similar nature in a separate book. When there are many transactions, the Journal is sub-divided into subsidiary books to record such voluminous transactions and events in one single book. These books are also termed as 'Special Purpose Books or Special Journals or Book of Original/Primary/Prime entry'.

    A Pass Book is a copy of the ledger account maintained by a bank to record the transactions of its clients. Each customer is issued a separate passbook by the bank. It is the copy of the ledger account provided periodically to a customer in order to inform him/her about the transactions and balances in the account.
  • Question 10
    1 / -0
    Which of the following books serves both as journal and ledger?
    Solution
    Cash book is a book which contains records about the receipt and payments of the firm. It also deals with all the bank deposits as well as withdrawals made. Entries in the cash book made are posted into general ledger so that cash in hand or cash at bank can be ascertained. It is the same as journal and then posting into ledger. Hence, cash book serves both as journal and ledger.
Self Studies
User
Question Analysis

  • Correct -

  • Wrong -

  • Skipped -

My Perfomance
  • Score

    -

    out of -
  • Rank

    -

    out of -
Re-Attempt Weekly Quiz Competition
Self Studies Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Self Studies
Click on Allow to receive notifications
Allow Notification
Self Studies
Self Studies Self Studies
To enable notifications follow this 2 steps:
  • First Click on Secure Icon Self Studies
  • Second click on the toggle icon
Allow Notification
Get latest Exam Updates & FREE Study Material Alerts!
Self Studies ×
Open Now