Recording of Transactions

Result

Recording of Transactions - II Test 1

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Weekly Quiz Competition

Question 1
1 / -0

A cheque of Rs. 2,345 issued by Miss Meena was recorded in deposit column as Rs. 2,435. To ascertain the balance as per Cash Book of Miss Meena ____________________________.

A
Rs. 3,345 should be added to the balance as per Pass Book

B
Rs. 2, 435 should be subtracted from the balance as per Pass Book

C
Rs. 4,780 should be subtracted from the balance as per Pass Book

D
Rs. 10 should be added to the balance as per Pass Book

Solution

In the question, the cheque was issued by Miss Meena as a payment to other. So, such cheque should be recorded in the payments side of the cashbook and not the deposit side. Also, the amount of cheque issued and recorded as deposit is wrongly entered as Rs. 2,435. Hence, to arrive at the balance of cash book, Rs. 4,780 (2,345 + 2,435) should be subtracted from the paasbook.
Question 2
1 / -0

Goods sold for cash were returned by a customer but cash was not given immediately. This is recorded in ______________.

A
Sales Book.

B
Sales Return Book.

C
Cash Book.

D
Journal Proper.
Question 3
1 / -0

Trade discount allowed at the time of sale of goods is ________________.

A
Recorded in Journal

B
Not recorded on books of accounts

C
Recorded in cash book

D
None of these

Solution

A trade discount is the reduction granted by a supplier of goods/services on the list or catalog prices of the goods supplied. ... Trade discount is not separately shown in the books of accounts, and all amounts recorded in a purchases or sales book are done in the net amount only.
Question 4
1 / -0

Which document is issued by a supplier when a customer returns goods?

A
Credit note

B
Debit note

C
Invoice

D
Statement
Question 5
1 / -0

Cash book is prepared on.....

A
Accrual basis

B
Cash basis

C
Hybrid basis

D
Single entry system basis
Question 6
1 / -0

The credit balance in the bank account is_______.

A
An asset

B
A liability

C
An expense

D
Contingent liability

Solution

A credit balance in bank account means that the person in whose account this belongs to is under an obligation to pay the bank back the entitlement of such balances. This money has been owned to the account holder by the bank and must be repaid i.e. it is a liability.
Question 7
1 / -0

When furniture is sold for cash, the entry should be made in ________.

A
Sales book

B
Cash book

C
Journal

D
Petty cash book

Solution

The journal entry for the transaction "furniture is sold for cash" is:
Cash A/c Dr.
To Furniture A/c
In this transaction, we have to debit what comes in and credit what goes out i.e. here cash comes in, and furniture goes out. Hence this transaction is recorded in cash book.
Question 8
1 / -0

The credit balance of bank account indicates________.

A
Amount payable by the bank

B
Amount payable to the bank

C
Cash at bank

D
Loan from bank

Solution

The credit balance of bank account indicates amount payable to the bank. Credit balance of bank account means bank overdraft and it comes on balance sheet under liabilities or assets side but with minus sign.
Question 9
1 / -0

Cash book prepared on imprest system is_________.

A
Two column cash book

B
Cash book

C
Petty cash book

D
Purchase book

Solution

A large number of small payments are recorded in separate cash book such a cash book is maintained by petty cashier is called as petty cash book. The petty cashier works on the "Imprest system" under this system a definite amount is given to petty cashier at the beginning of certain period. This amount is called "Imprest amount". The petty cashier makes small payments out of this imprest amount, when he spent substantial amount he gets reimbursement of amount spent from head cashier.
Question 10
1 / -0

The discount column of a triple column cash book records __________.

A
Trade discount

B
Cash discount

C
Quantity discount

D
Seasonal discount

Solution

Cash Book may have two or three columns. When only Cash and Bank are considered while making the cash book, its a two column cash book.

Some times in a business, creditors are allowing cash discount while purchasing the goods on cash basis or the organization is allowing a cash discount while making sales in cash. In such situations, one more column of cash discount is added in cash book. This is a triple column cash book.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - II Test 1

Result

Recording of Transactions - II Test 1

Score

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Rank

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SHARING IS CARING

Question 1

Rs. 3,345 should be added to the balance as per Pass Book

Rs. 2, 435 should be subtracted from the balance as per Pass Book

Rs. 4,780 should be subtracted from the balance as per Pass Book

Rs. 10 should be added to the balance as per Pass Book

Solution

Question 2

Sales Book.

Sales Return Book.

Cash Book.

Journal Proper.

Question 3

Recorded in Journal

Not recorded on books of accounts

Recorded in cash book

None of these

Solution

Question 4

Credit note

Debit note

Invoice

Statement

Question 5

Accrual basis

Cash basis

Hybrid basis

Single entry system basis

Question 6

An asset

A liability

An expense

Contingent liability

Solution

Question 7

Sales book

Cash book

Journal

Petty cash book

Solution

Question 8

Amount payable by the bank

Amount payable to the bank

Cash at bank

Loan from bank

Solution

Question 9

Two column cash book

Cash book

Petty cash book

Purchase book

Solution

Question 10

Trade discount

Cash discount

Quantity discount

Seasonal discount

Solution

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