Recording of Transactions

Result

Recording of Transactions - II Test 25

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Weekly Quiz Competition

Question 1
1 / -0

Outstanding salary of $$Rs.34,000$$ to be provided in the accounts will be recorded in ____________.

A
bills receivable book

B
journal proper (general journal)

C
purchases return book

D
purchase book

Solution

There are special purpose books in accounting system for some transactions such as for credit purchase entries are made in purchase book, for credit sales entries are made in sale book, cash transactions are recorded in cash book etc. Still there are some left over transactions which are not suitable for these special purpose books and hence these transactions are recorded in general journal or journal proper. Example of such transactions are opening entries, entries for discount given or allowed, outstanding salary etc.
Therefore, outstanding salary of $$Rs. 34,000$$ to be provided in general proper.
Question 2
1 / -0

Maintaining petty cash book is ______.

A
Mandatory

B
Necessary

C
Dependant on nature of business

D
All of the above

Solution

Petty cash book - This is used to record petty expenses like postage. cartage. printing and stationery etc in the day to day business activities.
In big organisation, it is not possible to maintain petty expenses for main cashier. In small organisation the number of petty Expenses is less so such a book can be maintained by cashier. Maintaining such a book is not compulsory.
So, maintaining petty cash book is dependent on nature of business.
Question 3
1 / -0

Which book of prime entry is also a ledger account?

A
Cash Book

B
Journal

C
Purchases journal

D
Sales Journal

Solution

Cash book is a unique kind of subsidiary book. It plays a dual role. It acts as the book of original entry or prime entry and also as ledger. It is a subsidiary book because entries are first posted in the cash book and then, from there, it is posted in other ledger accounts.
Question 4
1 / -0

In which book does the cash sales will be recorded?

A
Cash Book

B
Purchase Book

C
General Journal

D
Sales Book

Solution

Cash book is a journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger. Cash book is regularly reconciled with the bank statements as an internal auditing measure. It is used to record all the receipts and payments of cash.
Question 5
1 / -0

Purchase book records signify :

A
All purchases made by the firm

B
All purchases of fixed asset used by the firm

C
Credit purchases of goods dealt in by the firm

D
Cash purchases of goods dealt in by the firm

Solution

Purchase Day book or a Purchase Register is the book of original entry in which all the transactions relating to only credit purchase are recorded. Cash purchases do not find place in purchase day book as they are recorded in Cash book.
Question 6
1 / -0

A cheque is deposited with the bank is recorded as

A
Bank pass book will be credited

B
Bank pass book will be debited

C
Bank's column in cask book is debited

D
Bank's column in cask book is credited

Solution

A cheque is deposited with the bank implies that the bank balance will increase therefore it will be recorded in the bank column of the cash book.
When there is bank column in the cash book then it is either Double Column Cash Book or Three Column Cash Book.
It will be recorded on the debit side in the bank column of the Double column or Three column cash book.
Question 7
1 / -0

The process of balancing of an account involves equalization of both sides of the account. If the debt side of an account exceeds the credit side, the difference is put on the credit side. The said balance is -
(i) A debit balance
(ii) A credit balance
(iii) An expenditure or an asset
(iv) An income or a liability
Select the correct answer from the options given below -

A
Only (ii) above

B
Only (iv) above

C
Both (i) and (iii) above

D
Both (ii) and (iii) above
Question 8
1 / -0

What is an analytical petty cash book?

A
Petty cash book formed in columnar form

B
Petty cash book formed in tabular form

C
Petty cash book formed In arithmetic form

D
None of the above

Solution

When petty cash book formed in columnar form then it is known as Analytical Petty Cash Book.
Question 9
1 / -0

Purchases book is meant for recording the _______ of goods.

A
Credit purchase

B
Cash purchase

C
Budgeted purchases

D
Both (A) and (B)

Solution

Purchase book is a type of subsidiary book. The purpose of the purchase book is to record all the credit purchases of the business that are meant for resale.
This means that it does not record any cash purchase transactions. Such transactions will be recorded in the cash book.

Also, any purchases not meant for the purpose of resale are not recorded in the purchase book.
Question 10
1 / -0

Which of the following reflects 'child ego' as per the concept of Transactional Analysis?

A
I would not do so again

B
Everything will be OK

C
Never do so again

D
All of the above

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - II Test 25

Result

Recording of Transactions - II Test 25

Score

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Rank

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SHARING IS CARING

Question 1

bills receivable book

journal proper (general journal)

purchases return book

purchase book

Solution

Question 2

Mandatory

Necessary

Dependant on nature of business

All of the above

Solution

Question 3

Cash Book

Journal

Purchases journal

Sales Journal

Solution

Question 4

Cash Book

Purchase Book

General Journal

Sales Book

Solution

Question 5

All purchases made by the firm

All purchases of fixed asset used by the firm

Credit purchases of goods dealt in by the firm

Cash purchases of goods dealt in by the firm

Solution

Question 6

Bank pass book will be credited

Bank pass book will be debited

Bank's column in cask book is debited

Bank's column in cask book is credited

Solution

Question 7

Only (ii) above

Only (iv) above

Both (i) and (iii) above

Both (ii) and (iii) above

Question 8

Petty cash book formed in columnar form

Petty cash book formed in tabular form

Petty cash book formed In arithmetic form

None of the above

Solution

Question 9

Credit purchase

Cash purchase

Budgeted purchases

Both (A) and (B)

Solution

Question 10

I would not do so again

Everything will be OK

Never do so again

All of the above

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