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Recording of Transactions - II Test 33

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Recording of Transactions - II Test 33
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  • Question 1
    1 / -0
    In petty cash book, the system followed ______________.
    Solution
    Imprest system is followed in petty cash book
  • Question 2
    1 / -0
    Small payments are recorded in a book called _____________.
    Solution
    Small payments are recorded in a book called Petty cash book.
  • Question 3
    1 / -0
    If the debit and credit aspects of a transaction are recorded in the cash book it is a:
    Solution
    Option A is correct .
    Contra Entry is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, contra entry will be recorded on the credit side and vice-versa.
  • Question 4
    1 / -0
    Which of the following statement is false?
    The petty cash book  ____________. 
    Solution
    The petty cash book records transactions related to small amount of money.
    There are mainly 4 types of Cash Books
    1. Single Column Cash book
    2. Double Column Cash Book
    3. Triple Column Cash Book
    4. Petty Cash Book
  • Question 5
    1 / -0

    The primary book wherein the money received from head cashier and the amount of expenditure for a particular period of an organization are recorded in chronological order of dates in separate money columns of both sides, is called ______________  cash book.

    Solution
    The primary book wherein the money received from head cashier and the amount of expenditure for a particular period of an organization are recorded in chronological order of dates in separate money columns of both sides, 
    Columnar petty cash book is called cash book.
  • Question 6
    1 / -0

    M/s Delhi Stationers purchase 1,000 pieces of cover file @ Rs. 275 per 100. The wholesaler offered 5% sales tax on net price. Transport charges were Rs. 50. The purchase price per piece of cover file will be ________.

  • Question 7
    1 / -0
    An instrument of qualitative credit control in India is __________.
  • Question 8
    1 / -0

    Atul purchased goods costing Rs. 50,000 at an invoice price, which is 50% above cost. On invoice price he enjoyed 15% trade discount and Rs.3,750 cash discount on cash payment of goods in lump sum at the time of purchase. The purchase price to be recorded in the books before cash discount will be _______.

    Solution

  • Question 9
    1 / -0
    Companies whose main business is not financing or lending are permitted to accept deposits under section 45(s) of RBI Act only from.
  • Question 10
    1 / -0
    Which of the following is the largest online travel service?
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