Recording of Transactions

Result

Recording of Transactions - II Test 15

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Weekly Quiz Competition

Question 1
1 / -0

The term Imprest system is related to.........

A
Petty cash

B
Inventory valuation

C
Classification of assets

D
None

Solution

The term Imprest system is related to Petty Cash.
Question 2
1 / -0

Which of these accounts can have credit balance also

A
Cash in hand A/c

B
Cash at Bank A/c

C
Stock in trade A/c

D
Accounts receivable A/c

Solution

Cash in hand can never have a Negetive balance, its balance can be debit or zero. but bank balance can have a negetive balance.
A bank account can also have negetive balance or credit balance if there is bank overdraft.
Question 3
1 / -0

Which of these are not to be recorded in cash book

A
Sundry purchase of Rs. 1,000 to be paid after 3 months

B
Salary paid Rs. 3,000

C
Cash received from the client

D
Cheque received

Solution

Sundry purchase of Rs. 1,000 to be paid after 3 months doesnot involve any inflow or outflow of cash.
Question 4
1 / -0

When a person purchasing goods on credit he becomes ______ in the books of the seller

A
Creditor

B
Debtor

C
Defaulter

D
Offender
Question 5
1 / -0

Contra entries are passed when ___________.

A
Subsidiary books are not maintained

B
Petty cash book is opened

C
Two column Cash book is prepared

D
When accounts are prepared on single entry system basis

Solution

Contra Entry is prepared under single Entry Cash book
Question 6
1 / -0

Inclusion of purchase of plant & machinery in purchase day book will lead to ...

A
Under valuation of closing stock

B
Over statement of gross profit

C
Under statement of gross profit

D
All the three
Question 7
1 / -0

Which of these is not shown in Cash book.

A
goodwill written off

B
income received in advance

C
outstanding expenses paid

D
payment of interest to debenture holders

Solution

as no cash is involved in writing off goodwill therefore, it is not shown in cash book
Question 8
1 / -0

Provision for income tax will be initially recorded in .......

A
Sales journal

B
Purchase journal

C
General journal

D
Directly in profit and loss A/c
Question 9
1 / -0

Excess of total of debit side of cash book over credit side of cash book shows....

A
Excess of income over expenditure

B
Cash in hand

C
Discrepancy in cash book

D
Cheques awaiting clearance by bank

Solution

When there is excess balance in the debit side of the cash book then it stated that there is cash in hand.
Question 10
1 / -0

Sale of Goods Act does not apply to ______

A
North eastern region

B
Jammu and Kashmir

C
Union territories

D
New formed States after 1974

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - II Test 15

Result

Recording of Transactions - II Test 15

Score

-

Rank

-

SHARING IS CARING

Question 1

Petty cash

Inventory valuation

Classification of assets

None

Solution

Question 2

Cash in hand A/c

Cash at Bank A/c

Stock in trade A/c

Accounts receivable A/c

Solution

Question 3

Sundry purchase of Rs. 1,000 to be paid after 3 months

Salary paid Rs. 3,000

Cash received from the client

Cheque received

Solution

Question 4

Creditor

Debtor

Defaulter

Offender

Question 5

Subsidiary books are not maintained

Petty cash book is opened

Two column Cash book is prepared

When accounts are prepared on single entry system basis

Solution

Question 6

Under valuation of closing stock

Over statement of gross profit

Under statement of gross profit

All the three

Question 7

goodwill written off

income received in advance

outstanding expenses paid

payment of interest to debenture holders

Solution

Question 8

Sales journal

Purchase journal

General journal

Directly in profit and loss A/c

Question 9

Excess of income over expenditure

Cash in hand

Discrepancy in cash book

Cheques awaiting clearance by bank

Solution

Question 10

North eastern region

Jammu and Kashmir

Union territories

New formed States after 1974

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