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Recording of Transactions - II Test 2

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Recording of Transactions - II Test 2
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  • Question 1
    1 / -0
    Which of the following books should be used to record purchase of furniture on credit?
    Solution
    The book in which the transaction is recorded for the first time is called journal or book of original entry. Hence, the purchase of furniture on credit transaction should be recorded in journal proper.
  • Question 2
    1 / -0
    The balance of the petty cash book is ___________.
    Solution
    Petty cash book is used to record the day to day small value transactions. Balance lying in petty cash book is as good as cash balance. Cash is an asset for the business.
  • Question 3
    1 / -0
    The statement sent along with purchase return is______.
    Solution
    The credit note received from the supplier shows the goods returned and the amounts involved. The purchase return book is also known as returned outward account.
  • Question 4
    1 / -0
    The appropriate book to record credit purchase of machinery is ______________.
    Solution
    All credit purchases of goods are recorded in the purchases journal whereas cash purchases are recorded in the cash book. Other purchases such as purchases of office equipment, furniture, building, and machinery are recorded in the journal proper if purchased on credit or in the cash book if purchased for cash.
  • Question 5
    1 / -0
    The balance of cash account indicates ___________.
    Solution
    All cash transactions are recorded in cash book. It is having two sides i.e. receipts and payment. Balance of cash is the difference of receipts and payment. It indicates the net position of cash on hand.
    Cash on hand is current assets and to be shown in balance sheet as assets.
  • Question 6
    1 / -0
    ___________ is allowed to encourage early cash payment.
    Solution
    Discount can be classified as trade discount and cash discount. Trade discount is allowed to the customers to push the sales but cash discount is allowed to get the early payments.
  • Question 7
    1 / -0
    A Cheque received and paid into the bank on the same day is recorded in the ____________.
    Solution
    Cash book is having two columns i.e cash and bank column. When a cheque is received and deposited on the same day in to the bank, this will be recorded in bank column of the cash book.
  • Question 8
    1 / -0
    Credit sales are recorded in a ____________.
    Solution
    A Sales book is a record of all credit sales made by a business. It is one of the secondary book of accounts and unlike cash sales which are recorded in cash book, sales book is only to record credit sales. The amount entered in the sales book is on behalf of invoices supplied to purchasers.
  • Question 9
    1 / -0
    Purchase of office furniture is recorded in the ___________.
    Solution
    Certain business transactions like credit sales, credit purchases, purchase returns, sales returns are to be recorded in specific journal which are called subsidiary books. Other than those specific transaction, all other transactions are recorded in journal proper.
  • Question 10
    1 / -0
    Purchase journal is kept to record ____________.
    Solution
    All credit purchases of goods are recorded in the purchase journal while cash purchases are recorded in cash book. Other purchases such as purchases of office equipment, furniture, building etc. are recorded in the journal proper if purchased on credit or in  the cash  book if purchased for cash.
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