Self Studies
Self Studies
Self Studies
Self Studies
Selfstudy
Selfstudy

Recording of Transactions - II Test 6

Result Self Studies

Recording of Transactions - II Test 6
  • Score

    -

    out of -
  • Rank

    -

    out of -
TIME Taken - -
Self Studies

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.

Self Studies Self Studies
Weekly Quiz Competition
  • Question 1
    1 / -0
    Double column cash book records ___________________.
    Solution

    The double column cash book (also known as two-column cash book) has two columns on both debit and credit sides-one to record cash transactions and one to record bank transactions. 

    The cash column is used to record all cash transactions and works  as a cash account, whereas, bank column is used to record all receipts and payments made by cheques, and works as a bank account. Both the columns are totalled and balanced like a traditional T-account at the end of an appropriate period, which is usually one month.

  • Question 2
    1 / -0
    Total of the Sales Book for March indicates _________.
    Solution
    A Sales book is a record of 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 prepared to record credit sales. 
    The amount entered in the sales book is on behalf of invoices supplied to purchasers. 
    A Sales book is also called Sales Journal or Sales Day Book.
  • Question 3
    1 / -0
    Sales on credit is recorded in __________.
    Solution
    Sales book records only credit sale of goods. It does not record cash sales of goods or credit sale of assets. Sales account is always credited for sale, so the sales book always show credit balance. The sales journal is also totalled periodically and this total is credited to sales account in the ledger.
  • Question 4
    1 / -0
    The total of the sales book is posted to the credit of the ___________.
    Solution
    The Sales book is a subsidiary book which records only credit sales. Sales A/c is a ledger account which includes cash as well as credit sales. Thus, we need to post the total of sales book to the credit of Sales A/c.
    The correct option is C.
  • Question 5
    1 / -0
    When a firm maintains a cash book, it need not maintain _______________.
    Solution
    When a firm maintains a cashbook,  it does not need to maintain Separate Bank and cash account in the ledger.
  • Question 6
    1 / -0
    Credit balance shown by a bank column in cash book is ______.
    Solution
    The debit balance as per the cash book means the balance of deposits held at the bank.
    It indicates the favourable balance as per cash book or favourable balance as per the passbook. On the other hand, the credit balance as per the cash book indicates bank overdraft.
  • Question 7
    1 / -0
    Credit balance of bank account in cash book shows ______________.
    Solution
    The debit balance as per the cash book means the balance of deposits held at the bank. Such a balance will be a credit balance as per the passbook. Such a balance exists when the deposits made by the firm are more than its withdrawals.
  • Question 8
    1 / -0
    Total of the debit side of cash book is ___ than the credit side.
    Solution
    When the total of debit column of the Cash Book (Bank column) is more than the total credit column of Cash Book (Bank column), it is known as debit balance. That is, there is a favourable balance of cash deposited at the bank. When Cash Book balance is given, it is treated as debit balance.
  • Question 9
    1 / -0
    Cash book does not record the _________ transactions.
    Solution
    All transactions in the cash book have two sides: debit and credit. All cash receipts are recorded on the left-hand side as a debit, and all cash payments are recorded by date on the right-hand side as a credit.
  • Question 10
    1 / -0
    In purchase book, goods purchased on ______ are recorded.
    Solution
    Purchase book records credit purchases of goods only. Whenever goods are purchased, Purchases account is debited. In all cases of purchases, goods come into the business (as per the rule i.e. "Debit what comes in"), so purchases account has to be debited. The document on the basis of which purchase book is prepared is known as "Credit memo".
Self Studies
User
Question Analysis

  • Correct -

  • Wrong -

  • Skipped -

My Perfomance
  • Score

    -

    out of -
  • Rank

    -

    out of -
Re-Attempt Weekly Quiz Competition
Self Studies Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Self Studies
Click on Allow to receive notifications
Allow Notification
Self Studies
Self Studies Self Studies
To enable notifications follow this 2 steps:
  • First Click on Secure Icon Self Studies
  • Second click on the toggle icon
Allow Notification
Get latest Exam Updates & FREE Study Material Alerts!
Self Studies ×
Open Now