Recording and Posting of Cash Transactions Test 14

Result

Recording and Posting of Cash Transactions Test 14

Score
-
out of -
Rank
-
out of -

TIME Taken - -

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.

Weekly Quiz Competition

Question 1
1 / -0

Which of the following is a double column cash book?

A
One column for cash and another for bank

B
One column for cash and another for discount

C
One for bank and another for discount

D
All of the above

Solution

A double column cash book contains One column for cash and another for bank
Question 2
1 / -0

Which of the following statements is incorrect?

A
In emergency the Petty Cashier may give staff loans of small amounts

B
The Petty Cash Book could be either a subsidiary book or a main book of accounts.

C
Every payment made by the Petty Cashier should be supported by evidence

D
Regularly Petty Cashier is reimbursed to make up his cash balance to the imprest
Question 3
1 / -0

Cash purchases are recorded in _____________.

A
Purchases Book

B
Cash Book

C
Purchases Returns Book

D
Partly in Cash Book and partly in Journal Proper

Solution

The journal Entry for cash Purchases is
Purchases a/c Dr.
To Cash a/c
(Being Goods purchased for cash)

As cash is involved in this transaction therefore, it will be recorded in the cash book.
Question 4
1 / -0

Total of debit side discount column of cash book is posted to ______________.

A
Cr. of Discount Received A/c

B
Dr. of Discount Received A/c

C
Cr. of Discount Allowed A/c

D
Dr. of Discount Allowed A/c
Question 5
1 / -0

Which of the following column of the cash book is never balanced ?

A
Cash column

B
Bank column

C
Discount column

D
None of the above

Solution

All cash receipts and discount allowed are recorded on the debit side and all cash payments and discount received are recorded on the credit side as same in single column cash book.
Discount column is not balanced. The total of discount columns is transferred to the Profit and Loss account.
Question 6
1 / -0

Contra entry appears in ______________.

A
Purchases Returns book

B
Cash book

C
Journal proper

D
All of the above

Solution

When a transaction effect both cash and bank then that entry is known as contra entry.
Question 7
1 / -0

Which of the following is/are features of cash book ?

A
All cash transactions are recorded chronologically in the cash book.

B
It records only one aspect of transaction i.e cash.

C
It performs the functions of both journal and ledger at the same time .

D
All of the above

Solution

The feature of the cash book is it performs the functions of both journal and ledger.
The Separate ledger account is prepared for all cash receipts and cash payments. This Ledger is known as Cash Account.
While the cash book which is called a journal book records all the cash receipts and cash payments, therefore, it is the same as the ledger.
Therefore, a cash book serves both journal and ledger purposes.
Question 8
1 / -0

Which of the column of the cash book can have credit opening or closing balance ?

A
Cash column

B
Bank column

C
Discount column

D
(B) & (C)

Solution

Bank column may have a credit opening or closing balance as it may be possible the the business has bank overdraft.
Question 9
1 / -0

Rent due for the month of March will appear ___________________.

A
On the payment side of the cash book

B
On the receipt side of the cash book

C
Nowhere in the cash book

D
As a contra entry

Solution

The rent due but not paid is an outstanding loan which is a Liability.
It rent is not paid for the march month.
As rent is due and not paid therefore, it will not appear in the cashbook.
Question 10
1 / -0

Contra entries are passed only when __________________.

A
Simple cash book is prepared

B
Three-column cash book is prepared

C
Double-column cash book is prepared

D
None of the above

Solution

Contra entry is passes only when Double column cash book is prepared.
The reason for making two entries is to comply with the principle of double entry.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Recording and Posting of Cash Transactions Test 14

Result

Recording and Posting of Cash Transactions Test 14

Score

-

Rank

-

SHARING IS CARING

Question 1

One column for cash and another for bank

One column for cash and another for discount

One for bank and another for discount

All of the above

Solution

Question 2

In emergency the Petty Cashier may give staff loans of small amounts

The Petty Cash Book could be either a subsidiary book or a main book of accounts.

Every payment made by the Petty Cashier should be supported by evidence

Regularly Petty Cashier is reimbursed to make up his cash balance to the imprest

Question 3

Purchases Book

Cash Book

Purchases Returns Book

Partly in Cash Book and partly in Journal Proper

Solution

Question 4

Cr. of Discount Received A/c

Dr. of Discount Received A/c

Cr. of Discount Allowed A/c

Dr. of Discount Allowed A/c

Question 5

Cash column

Bank column

Discount column

None of the above

Solution

Question 6

Purchases Returns book

Cash book

Journal proper

All of the above

Solution

Question 7

All cash transactions are recorded chronologically in the cash book.

It records only one aspect of transaction i.e cash.

It performs the functions of both journal and ledger at the same time .

All of the above

Solution

Question 8

Cash column

Bank column

Discount column

(B) & (C)

Solution

Question 9

On the payment side of the cash book

On the receipt side of the cash book

Nowhere in the cash book

As a contra entry

Solution

Question 10

Simple cash book is prepared

Three-column cash book is prepared

Double-column cash book is prepared

None of the above

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.