Recording of Transactions

Result

Recording of Transactions - II Test 26

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Weekly Quiz Competition

Question 1
1 / -0

In which of the book cash purchase is recorded?

A
Cash book

B
Purchase book

C
Both (a) and (b)

D
None of these

Solution

The Journal Entry for Cash purchases is
Purchases a/c Dr.
To Cash A/c
(Being Goods purchased for cash)

As it is cash purchase so, it will impact cash therefore, it will be recorded in the cash book.
Question 2
1 / -0

A General Cash book acts as a __________.

A
Journal

B
Ledger

C
Both

D
None

Solution

A cashbook is a book of prime entry in which cash and bank transactions of business are recorded. It acts as a book of original entry and a ledger. Hence, it is both Journal and Ledger.
Question 3
1 / -0

The imprest system pertains to ______________.

A
Purchase book

B
Cash book

C
Sales book

D
Petty cash book

Solution

The imprest system is an accounting system for paying out and subsequently replenishing petty cash. A cashier maintaining petty cash is given a definite sum of money in the beginning of a period and is reimbursed for payments made at the end of the period. Thus, he will have again the fixed amount in the beginning of the new period. This system is known as the imprest system of petty cash book.
Question 4
1 / -0

In case of three column cash book, contra entry is related with _____________.

A
Cash; Discount

B
Cash; Bank

C
Bank; Discount

D
None of these

Solution

The entry which involves both cash and bank transactions is called contra entry.
Question 5
1 / -0

Which of the following is type of cash receipt journal + cash payment journal?

A
Bank statement

B
Statement of cash flow

C
Cash book

D
Cash documents

Solution

A cash book is a statement which records all the cash receipts and cash payments of the business transactions. Recording of cash transactions is done in cash book from the very inception. Therefore, cash book is said to be the journal of recording cash receipts and payments.
Question 6
1 / -0

Which of the following is a double column cash book?

A
One column for cash and another for bank

B
One column for cash and another for discount

C
One for bank and another for discount

D
All of the above

Solution

A double column cash book contains One column for cash and another for bank
Question 7
1 / -0

Which of the following will a supplier send to customer whose invoice was under cast?

A
Notification Note

B
Way Bill

C
Credit Note

D
Debit Note
Question 8
1 / -0

Rent due for the month of March will appear ___________________.

A
On the payment side of the cash book

B
On the receipt side of the cash book

C
Nowhere in the cash book

D
As a contra entry

Solution

The rent due but not paid is an outstanding loan which is a Liability.
It rent is not paid for the march month.
As rent is due and not paid therefore, it will not appear in the cashbook.
Question 9
1 / -0

The details of goods returned by the customers to the business organization are recorded in ________ book.

A
Sales Returns Book

B
Purchase Returns Books

C
Journal Proper

D
All of the above

Solution

The details of goods returned by the customers to the business organization are recorded in the sales return book.
Sales Return Book is a subsidiary Book that records all the credit sales return transactions of the business.
Sales Return Book is also known as the Return Inwards Book.
Question 10
1 / -0

The total amount column of the purchases return book is _______________.

A
Credited to purchases returns account

B
Debited to sales return account

C
Credited to sales return account

D
Debited to purchases returns account

Solution

Purchase return Book records all the credit purchase return transactions.
Purchase return book is a subsidiary Book. The Normal balance of the Purchase return account is credit.
The total amount column of the purchases returns the book is Credited to the purchases returns account.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - II Test 26

Result

Recording of Transactions - II Test 26

Score

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Rank

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SHARING IS CARING

Question 1

Cash book

Purchase book

Both (a) and (b)

None of these

Solution

Question 2

Journal

Ledger

Both

None

Solution

Question 3

Purchase book

Cash book

Sales book

Petty cash book

Solution

Question 4

Cash; Discount

Cash; Bank

Bank; Discount

None of these

Solution

Question 5

Bank statement

Statement of cash flow

Cash book

Cash documents

Solution

Question 6

One column for cash and another for bank

One column for cash and another for discount

One for bank and another for discount

All of the above

Solution

Question 7

Notification Note

Way Bill

Credit Note

Debit Note

Question 8

On the payment side of the cash book

On the receipt side of the cash book

Nowhere in the cash book

As a contra entry

Solution

Question 9

Sales Returns Book

Purchase Returns Books

Journal Proper

All of the above

Solution

Question 10

Credited to purchases returns account

Debited to sales return account

Credited to sales return account

Debited to purchases returns account

Solution

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