Recording of Transactions

Result

Recording of Transactions - II Test 3

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

The cash book records ____________.

A
All cash payments

B
All cash receipts

C
All cash receipts and payments

D
Only credit payments

Solution

Cash book records all cash transactions of receipts and payments. Different type of cash book is used depending on the requirement of the business i.e two column cash book, three column cash book. Cash book records all the transaction which includes revenue and capital both.
Question 2
1 / -0

Petty cash may be used to pay _________.

A
The expenses relating to postage and conveyance

B
Salaries and wages to the final staff

C
For the purchase of furniture and fittings

D
Other recurring expenses

Solution

There are two kinds of cash book i.e. Main Cash Book and Petty Cash Book. Petty cash book is used to record small value expense items.
A petty cash fund is a small amount of cash kept on hand to pay for minor expenses, such as office supplies or reimbursements. A petty cash fund will undergo periodic reconciliations, with transactions also recorded on the financial statements.
Question 3
1 / -0

Overcasting of purchases journal would affect _________.

A
Sales Account

B
Purchases Account

C
Purchases Returns Account

D
Sales Returns Account

Solution

Credit purchases are recorded in purchase day book which is a subsidiary journal. The total of purchase day book is transferred to purchase account in ledger. Overcasting may lead to excess debit in purchase account.
Question 4
1 / -0

Journal proper is meant for recording ____________.

A
Credit purchase of Fixed Assets

B
Return of Goods

C
All such transactions for which no special journal has been kept by the business

D
Supply of Goods

Solution

All specific transactions like credit sales, credit purchases, sales returns, purchase returns, bills payable, bills receivables etc are recorded in specific journals. The transactions which are not recorded in specific journal, need to be recorded in journal proper.
Question 5
1 / -0

Purchase of machinery is recorded in ____________.

A
Sales Book

B
Journal Proper

C
Purchases Book

D
Sales Returns Book

Solution

There are various subsidiary books which are used to record the specific transactions. For example, credit sales is recorded in sales day book, so is the case with credit purchases which is to be recorded in purchase day book.
Other than the specific transaction for which a separate subsidiary journal is kept, all other transactions must be recorded in journal proper. Purchase of machinery being a transaction for which no specific book is maintained, it is recorded in journal proper.
Question 6
1 / -0

Sales on account is recorded in the _________.

A
Cash book

B
Journal

C
Sales book

D
General Journal

Solution

There are various subsidiary journal which records specific transactions. For example, sales day book, purchase day book, bills payable book, bills receivable book etc.

Credit sales is recorded in a subsidiary book which is called sales day book.
Question 7
1 / -0

Which of the following books should be used to record purchase of a type writer on account?

A
Cash book.

B
Purchase book.

C
Sales book.

D
Journal.

Solution

Journal is the book which records all those transactions which are not recorded in specific or subsidiary books. Purchase of type writer should be recorded in journal.
Question 8
1 / -0

The word "Petty" is derived from ______________.

A
French word

B
German word

C
Latin word

D
Greek word

Solution

Petty is a french word which means small. So petty cash book has come into existence which records small amount transactions. Hence, petty is the derivation of the french word.
Question 9
1 / -0

Which of the following books should be used to record purchase of merchandise on account?

A
Cash book.

B
Purchase book.

C
Sales book.

D
Journal.

Solution

There are specific journals which are called as subsidiary books used to record the transactions of specific nature. Purchases of goods on credit are to be recorded in purchase day book whereas purchases by cash are to be recorded in the cash book.
Question 10
1 / -0

Which of the following is not a part of the sales book?

A
Day book

B
Sold book

C
Sales journal

D
Invoice book

Solution

Sales book is a book which records all credit sales made by a business. It is one of the secondary book of accounts. It consists of customers's invoice number. Hence, sales book is also known as invoice book.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Recording of Transactions - II Test 3

Result

Recording of Transactions - II Test 3

Score

-

Rank

-

SHARING IS CARING

Question 1

All cash payments

All cash receipts

All cash receipts and payments

Only credit payments

Solution

Question 2

The expenses relating to postage and conveyance

Salaries and wages to the final staff

For the purchase of furniture and fittings

Other recurring expenses

Solution

Question 3

Sales Account

Purchases Account

Purchases Returns Account

Sales Returns Account

Solution

Question 4

Credit purchase of Fixed Assets

Return of Goods

All such transactions for which no special journal has been kept by the business

Supply of Goods

Solution

Question 5

Sales Book

Journal Proper

Purchases Book

Sales Returns Book

Solution

Question 6

Cash book

Journal

Sales book

General Journal

Solution

Question 7

Cash book.

Purchase book.

Sales book.

Journal.

Solution

Question 8

French word

German word

Latin word

Greek word

Solution

Question 9

Cash book.

Purchase book.

Sales book.

Journal.

Solution

Question 10

Day book

Sold book

Sales journal

Invoice book

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.