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Nature of Accounts and Rules of Debit and Credit Test 10

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Nature of Accounts and Rules of Debit and Credit Test 10
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Book of Original entry is called _____.
    Solution
    Every business transaction must first be recorded in journal. Hence all original entries are found in journal itself which is a subsidiary books. Subsidiary books of accounts are also called book of original entry as all the transactions are recorded originally or at the first instance in these books.
  • Question 2
    1 / -0
    An entry made in the journal is called _______.
    Solution
    Every business transaction must first be recorded in journal. These are called journal entry. Hence all original entries are found in journal itself which is a subsidiary books. 
  • Question 3
    1 / -0
    How many columns are in a journal?
    Solution
     Date Particulars Ledger Folio noDr. Amount Cr. Amount 
    There are 5 columns in a journal:

  • Question 4
    1 / -0
    An entry for a transaction that affects more than two accounts is known as
    Solution
    There are two types of Journal Entry
    1. Simple Journal Entry
    2. Compound Journal Entry

    A compound journal entry is an entry involving more than two accounts. In a compound journal entry, there are two or more debits, credits, or both. Rather than making separate journal entries for the same transaction.
  • Question 5
    1 / -0
    Voucher is documentary evidence in support of......
    Solution
    A voucher is documentary evidence in support of a transaction recorded in the books of account. It is a written document or paper in support of an entry in the books of account.
    On the basis of source documents, a voucher detailing the accounts that are debited and credited is prepared.
    There are two types of Accounting Vouchers
    1. Cash Vouchers
    2. Non-Cash Vouchers.
    Therefore,     Voucher relates to     Cash receipt and payments, credit transactions
  • Question 6
    1 / -0
    Journal is called............
    Solution
    Journal is called a subsidiary book. Journal is known as the books of original Entry or Books of prime entry. 
    The transactions are recorded in the journal in chronological order.
    With the help of a journal, ledger accounts are prepared.
  • Question 7
    1 / -0
    Rs 1200 being advance income tax of the proprietor paid by the firm is treated as ______.
    Solution
    Income Tax is a personal liability of the proprietor. Hence any amount paid or withdraw from the business for personal purposes is to be debited to drawing account.
  • Question 8
    1 / -0
    Narrations are usually given at the end of..........

    Solution
    Narrations are given at the end of each journal entry. Each journal entry includes the date, the amount of the debit and credit, the titles of the accounts being debited and credited (with the title of the credited account being indented), and also a short narration of why the journal entry is being recorded.

  • Question 9
    1 / -0
    Books of original entry is also known as _______.
    Solution
    Books of original entry refers to the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger, from which financial statements are produced refers to the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger, from which financial statements are produced.
  • Question 10
    1 / -0
    ___________ is not a subsidiary book.
    Solution
    A journal is sub divided into number the books for some specific transactions to be recorded which are known as subsidiary books.
    These can be purchase day book, sales day book, purchase returns, sales returns, cash book, etc.
    While closing the purchase day books, sum of the total of purchase day book is transferred to purchase account. Purchase account is an account and hence, cannot be considered as a subsidiary book.
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