Recording of Transactions

Result

Recording of Transactions - II Test 38

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Weekly Quiz Competition

Question 1
1 / -0

_________ will not be recorded in cash book

A
Depreciation

B
Rent paid

C
BR discounted

D
Cash discount allowed

Solution
Question 2
1 / -0

Contra entries are passed only when ____________.

A
double-column cash book is prepared

B
three-column cash book is prepared

C
simple cash book is prepared

D
all of these

Solution

Contra entries are passed only when double-column cash book is prepared
Question 3
1 / -0

Which of the following is entered in the journal proper?

A
Purchase of an asset for cash

B
Purchase of an asset on credit

C
Purchase of goods for cash

D
Purchase of goods on credit

Solution

Purchase of assets or stationery is not meant for resale and will be held for a long term and increase the profit-earning capacity of the business over various accounting periods. Hence, transactions related to purchase of assets or stationery will be recorded in the journal proper. Whereas, purchase of assets for resale in which business deals are recorded under purchase book.
Question 4
1 / -0

Which of the following books is used to record purchase of the machinery by cash ?

A
Cash book

B
Purchases book

C
Journal proper

D
Purchases returns book

Solution

A cash book is a statement which records all the cash receipts and cash payments of the business transactions.
In case of machinery purchased by cash,the two accounts which get affected would be the machinery account and the cash paid as per the following entry:

Machinery Account Dr.
To Cash Account
Question 5
1 / -0

A company sends cars to dealers on 'sales or return' basis. All such transactions are however treated like actual sales and are passed through the sales day book. Just before the end of the financial year, two cars which had casted Rs.$$55,000$$ each have been sent on 'sales or return' basis and have been debited to customers at Rs.$$75,000$$ each. Cost of goods lying with the customers would be ______________.

A
Rs.$$1,10,000$$

B
Rs.$$1,50,000$$

C
Rs.$$75,000$$

D
Rs.$$55,000$$
Question 6
1 / -0

Rectifying the error of a credit purchase of goods recorded as credit sale discovered two months later, the entry will be in __________.

A
journal proper

B
sales book

C
cash book

D
purchase book

Solution

Specific transactions are recorded into various subsidiary books such as Sales book, Purchase book, Cash book etc.
All the transactions which cannot be recorded in any of the specific subsidiary books are recorded in journal proper. The following types of entries are recorded in journal proper:
a. Closing entries
b. Opening entries
c. Rectification entries
d. Adjustment entries
e. Transfer entries etc.
Question 7
1 / -0

CA/CS book is prepared ______.

A
On the basis of Cash Book

B
On the basis of copies of invoices

C
Both (a) and (b)

D
On the basis of ca/cs order

Solution

CA/CS book or Sales book records 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 8
1 / -0

The advantages of imprest system of petty cash include:
1. The main (or head) cashier is relieved of maintaining record of petty payments
2. Small payments are not stuffed in the main cash book.
3. Complete and reliable check is maintained on small items of expenses
4. It is automatically balanced.

A
$$1, 2$$ and $$4$$

B
$$1, 2$$ and $$3$$

C
$$2, 3$$ and $$4$$

D
$$2$$ and $$4$$

Solution

The advantages of imprest system of petty cash include:
1. The main (or head) cashier is relieved of maintaining record of petty payments
2. Small payments are not stuffed in the main cash book.
3. Complete and reliable check is maintained on small items of expenses
Question 9
1 / -0

Purchased goods on credit basis will be recorded in __________.

A
bill Receivable book

B
purchases book

C
journal proper (General Journal)

D
purchases return

Solution

All credit purchases are recorded in the Purchase book. Only credit purchases are recorded in the purchase book and not cash purchases. Goods are things that are produced for resale in a business. Any purchase of assets is not recorded in the Purchases book. For example, if a business deals in cloth, credit purchase of cloth will be recorded in the purchase book, but purchase of furniture, which is an asset, will not be recorded in the Purchase book.
Question 10
1 / -0

Which of the following entries will be entered in the Journal proper?

A
Sold goods on credit

B
Goods purchased and paid by cash

C
Furniture purchased on credit

D
Purchase goods on credit

Solution

Journal proper or General Journal is book of original entry (simple journal) in which miscellaneous transactions are recorded which are not recorded in any other specific subsidiary books. Some entries recorded in Journal proper are:
1. Opening entries
2. Closing entries
3. Adjustment entries
4. Rectification entries
5. Purchase of fixed assets etc.

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Re-Attempt Weekly Quiz Competition

Recording of Transactions - II Test 38

Result

Recording of Transactions - II Test 38

Score

-

Rank

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SHARING IS CARING

Question 1

Depreciation

Rent paid

BR discounted

Cash discount allowed

Solution

Question 2

double-column cash book is prepared

three-column cash book is prepared

simple cash book is prepared

all of these

Solution

Question 3

Purchase of an asset for cash

Purchase of an asset on credit

Purchase of goods for cash

Purchase of goods on credit

Solution

Question 4

Cash book

Purchases book

Journal proper

Purchases returns book

Solution

Question 5

Rs.$$1,10,000$$

Rs.$$1,50,000$$

Rs.$$75,000$$

Rs.$$55,000$$

Question 6

journal proper

sales book

cash book

purchase book

Solution

Question 7

On the basis of Cash Book

On the basis of copies of invoices

Both (a) and (b)

On the basis of ca/cs order

Solution

Question 8

$$1, 2$$ and $$4$$

$$1, 2$$ and $$3$$

$$2, 3$$ and $$4$$

$$2$$ and $$4$$

Solution

Question 9

bill Receivable book

purchases book

journal proper (General Journal)

purchases return

Solution

Question 10

Sold goods on credit

Goods purchased and paid by cash

Furniture purchased on credit

Purchase goods on credit

Solution

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