Nature of Accounts and Rules of Debit and Credit Test 16

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Nature of Accounts and Rules of Debit and Credit Test 16

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is true when a debtor pays his dues?

A
The asset side of the balance sheet will decrease

B
The asset side of the balance sheet will increase

C
The liability side of the balance sheet will increase

D
There is no change in total assets or total liabilities

Solution

When debtors will pay their dues then there will be an increase in the cash in the business, cash is an asset, therefore, there will be an increase in the assets whereas, on the other side, debtors will be cancelled from the business, debtors are also assets for the business, therefore, there will be a decrease in the assets of the business.
Hence, Cash will increase whereas debtor will decrease therefore, there will be no effect on the assets or liabilities
Question 2
1 / -0

In the particulars account, the name of the account to be credited is entered at ___________ place with a prefix 'To'.

A
In confirmation of the name of the account to be debited

B
Next line to the account name that is to debited

C
Anywhere in the journal

D
None of the above

Solution

In the particulars account the name of the account to be credited is entered at next line to the account name that is to debited place with a prefix 'To'.
Question 3
1 / -0

The process of recording transaction in different journals is called _______.

A
Posting

B
Entry making

C
Adjusting

D
Journalizing

Solution

When transactions are recorded in the journal then the process is known as journalizing.
Journal is the book of original entry or prime entry. All the transactions are recorded firstly in the journal books.
Question 4
1 / -0

Location of the debit column is ____________.

A
in contravention with particulars

B
in front of the particulars column where the amount is debited

C
in front of the particulars column where the amount is credited

D
not present anywhere in the journal

Solution

Location of the debit column is in front of the particulars column where the amount is debited
Question 5
1 / -0

Journalizing is ___________.

A
process of having the source of transactions

B
process of recording transactions in the journal

C
process of having the sources of transactions for journal

D
none of the above

Solution

Journalizing is the process of recording a business transaction in the accounting records. This activity only applies to the double-entry bookkeeping system.
This calls for the identification of the general ledger accounts that will be altered as a result of the transaction.
Question 6
1 / -0

A chronological record of transaction may be found in _______.

A
Balance Sheet

B
Trial Balance

C
Ledger

D
Journal

Solution

In accounting, a first recording of financial transactions as they occur in time, and in accounting and bookkeeping called a journal is a record of financial transactions in order by date. A journal is often defined as the book of original entry. Manual systems usually had a variety of journals such as a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and a general journal.so that they can then be used for future reconciling and transfer to other official accounting records such as the general ledger is a journal.
Question 7
1 / -0

Which does not appear in a purchases ledger control account?

A
Bad debts

B
Discount received

C
Goods returned to creditors

D
Interest charged by supplier

Solution

Purchase ledger control accounts records the transactions related to purchases.
Bad debts is an amount due from a customer which is not recoverable now. Bad debts is a loss to the organization and to be debited to profit & loss account.
Question 8
1 / -0

A Company makes a purchase on 10th may, some office equipment. The correct journal entry will be Debit Credit
1. Office equipment Supplies
2. Purchases Office equipment
3. Accounts payable Office equipments
4. Office equipment Accounts payable

A
1

B
2

C
3

D
4

Solution

The Journal Entry Will be
Office Equipment a/c Dr.
To Accounts Payable a/c
(being company purchased office furniture.)
Question 9
1 / -0

The data and month of the first entry are written ___________.

A
On the next line of the date column

B
On the same line of the date column

C
On a line above the date column

D
At the left of the date column

Solution

The data and month of the first entry are written on the same line of the date column of the Journal.
Journal is also known as the books of original entry or books of primary entry.
Transactions are recorded for the first time in the journal books.
Question 10
1 / -0

Of the following account types, which would be increased by a debit?

A
Liabilities and expenses

B
Assets and equity

C
Assets and expenses

D
Equity and revenues
Solution
- Assets (Cash, Accounts receivable, Inventory, Land, Equipment, etc.)
- Expenses (Rent Expense, Wages Expense, Interest Expense, etc.)

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Nature of Accounts and Rules of Debit and Credit Test 16

Result

Nature of Accounts and Rules of Debit and Credit Test 16

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Rank

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SHARING IS CARING

Question 1

The asset side of the balance sheet will decrease

The asset side of the balance sheet will increase

The liability side of the balance sheet will increase

There is no change in total assets or total liabilities

Solution

Question 2

In confirmation of the name of the account to be debited

Next line to the account name that is to debited

Anywhere in the journal

None of the above

Solution

Question 3

Posting

Entry making

Adjusting

Journalizing

Solution

Question 4

in contravention with particulars

in front of the particulars column where the amount is debited

in front of the particulars column where the amount is credited

not present anywhere in the journal

Solution

Question 5

process of having the source of transactions

process of recording transactions in the journal

process of having the sources of transactions for journal

none of the above

Solution

Question 6

Balance Sheet

Trial Balance

Ledger

Journal

Solution

Question 7

Bad debts

Discount received

Goods returned to creditors

Interest charged by supplier

Solution

Question 8

1

2

3

4

Solution

Question 9

On the next line of the date column

On the same line of the date column

On a line above the date column

At the left of the date column

Solution

Question 10

Liabilities and expenses

Assets and equity

Assets and expenses

Equity and revenues

Solution

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