Recording of Transactions

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Recording of Transactions - II Test 13

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Weekly Quiz Competition

Question 1
1 / -0

Rent for the month of April paid in advance in the month of March will be shown_____.

A
payment side (credit) of cash book

B
receipt (debit) side of cash book

C
no entry

D
trial balance

Solution

When Rent for the month of April is paid in advance in the month of March will be shown in the cash book.
As cash is paid, therefore, it will be recorded in the payment side of the cash book. The payment side of cash means the credit side of the cash book.
Question 2
1 / -0

Cash purchase of new plant is initially recorded in ________.

A
Purchase Day Book

B
Cash Book

C
Plant A/c

D
Any of the Above

Solution

Irrespective of the nature of transaction i.e. revenue or assets, all cash transactions must initially recorded in cash book. Hence cash purchase of new plant will be recorded in cash book.
Question 3
1 / -0

Credit sales of trading goods is initially recorded in____________.

A
Sales Day Book

B
Cash Book

C
Directly in Purchase A/c

D
Any of the above three

Solution

Sales day book is a subsidiary book in which all credit sale is recorded in chronological order. Sales day book is having 5 columns.
Question 4
1 / -0

Depreciation provision on fixed assets is journalized in__________.

A
general journal

B
fixed assets journal

C
profit and loss account

D
any of the above

Solution

All adjustment entries are passed thorough general journal. Other than cash, credit sales and credit purchase all transaction are to be recorded in general journal.
Question 5
1 / -0

Purchase A/c will have _______.

A
debit balance

B
credit balance

C
nil

D
debit or credit balance

Solution

Purchase account is a real account. Rule of real account says debit what comes in. According all purchase of goods are recorded as debit. Purchase a/c will always have the debit balance.
Question 6
1 / -0

Credit purchase of new plant is initially recorded in_____________.

A
purchase day book

B
cash book

C
directly in plant A/c

D
general journal

Solution

Journal is a book of original entry. All transactions which are pertaining to assets are recorded through journal only. Credit purchases of new plant will be recorded in journal as:

Plant A/c Dr.
To Supplier A/c
Question 7
1 / -0

Cash sales of trading goods is initially recorded in ________.

A
Sales Day Book

B
Cash Book

C
Directly n Sales A/c

D
All the above

Solution

Cash book is maintained by the business to record all the cash transactions i.e. expense and revenues. Cash sales of goods must be recorded in cash book on the date of sale itself.
Question 8
1 / -0

Credit purchase of trading goods is initially recorded in________.

A
purchase day book

B
cash book

C
directly in purchase A/c

D
any of the above three

Solution

Purchase day book is a subsidiary books in which all credit purchases are recorded in chronological order. At the end of a defined period, total of the purchases will be transferred to purchase account in ledger.
Question 9
1 / -0

An undervaluation of current year's closing inventory will.........

A
Causes current year's net income to be overstated

B
Causes subsequent year's net income to be overstated

C
Causes previous year's net income to be understated

D
Causes subsequent year's income to be unafected
Question 10
1 / -0

A contra entry is one which ____________.

A
affects both the sides of the same A/c book

B
affects both the sides of the trial balance

C
affects one side of a real A/c and another side of a personal A/c

D
affects both the sides of the same types of A/c

Solution

A contra entry is an entry which affects both the sides of the same book of entry i.e. Double or Triple Column Cash Book. Whenever cash is deposited into the bank A/c or is withdrawn from the Bank A/c, Cash and Bank both the accounts get affected. It is shown by 'C' in the ledger folio column on both the sides of the Cash Book.
Thus, the correct answer is A.

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Recording of Transactions - II Test 13

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Recording of Transactions - II Test 13

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Question 1

payment side (credit) of cash book

receipt (debit) side of cash book

no entry

trial balance

Solution

Question 2

Purchase Day Book

Cash Book

Plant A/c

Any of the Above

Solution

Question 3

Sales Day Book

Cash Book

Directly in Purchase A/c

Any of the above three

Solution

Question 4

general journal

fixed assets journal

profit and loss account

any of the above

Solution

Question 5

debit balance

credit balance

nil

debit or credit balance

Solution

Question 6

purchase day book

cash book

directly in plant A/c

general journal

Solution

Question 7

Sales Day Book

Cash Book

Directly n Sales A/c

All the above

Solution

Question 8

purchase day book

cash book

directly in purchase A/c

any of the above three

Solution

Question 9

Causes current year's net income to be overstated

Causes subsequent year's net income to be overstated

Causes previous year's net income to be understated

Causes subsequent year's income to be unafected

Question 10

affects both the sides of the same A/c book

affects both the sides of the trial balance

affects one side of a real A/c and another side of a personal A/c

affects both the sides of the same types of A/c

Solution

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