Recording and Posting of Cash Transactions Test 18

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Recording and Posting of Cash Transactions Test 18

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following statement is false?
The petty cash book ____________.

A
Is a book of prime entry

B
Records cheques paid and received

C
Is written up using petty cash receipts and petty cash vouchers

D
Records cash received and paid

Solution

The petty cash book records transactions related to small amount of money.
There are mainly 4 types of Cash Books
1. Single Column Cash book
2. Double Column Cash Book
3. Triple Column Cash Book
4. Petty Cash Book
Question 2
1 / -0

Which among the following are advantages of Imprest Petty Cash Book ?

A
Labor Minimization

B
Determination of expenses

C
Control over petty expenses

D
All of the above
Question 3
1 / -0

The following is the summary of the petty cash transactions for a week:
Income - Opening Balance - Rs. 500; Sale of Stamps - Rs. 10; Sale of Paper - Rs. 50
Expenditure - Travelling expenses - Rs. 150; Subsistence expenses - Rs. 250
Petty cash is maintained using the imprest system.
What sum should be reclaimed by the cashier at the end of the week ?

A
Rs.150

B
Rs. 340

C
Rs. 400

D
Rs. 500
Question 4
1 / -0

Which of the following transactions should be entered in petty cash book?

A
Salary payments

B
Stock issued

C
Subscriptions

D
Travelling expenses

Solution

The petty cash book is a formal summarization of petty cash expenditures, sorted by date. In most cases, the petty cash book is an actual ledger book, rather than a computer record.
Question 5
1 / -0

Total of the total payment column in the petty cash book is ________ to petty cash account.

A
debited

B
credited

C
deducted

D
none of these

Solution

Total of the total payment column in the petty cash book is credited to petty cash account.
Question 6
1 / -0

The balance in petty cah book represents ____________ .

A
expenses

B
net income

C
cash-in-hand with petty cashier

D
none of the above

Solution

The balance in petty cash book represents cash-in-hand with petty cashier.
Question 7
1 / -0

Drawing is a type of _______________.

A
Expense

B
Withdrawal of capital

C
Income

D
None of the above
Question 8
1 / -0

In analytical petty cash book, for what purpose separate column is provided?

A
To record particular item of expenditure.

B
To record particular item of receipts.

C
Both (a) and (b)

D
None of the above.
Question 9
1 / -0

There has been a break-in at your office and money has been stolen from the petty cash tin, which now contains only 37 rupees in coins. There are petty cash vouchers in the tin for the month to date totaling Rs.237.4. The petty cash book shows that at the start of the month, there was a balance of Rs.74.50 in petty cash, and that on the first day of the month the petty cash balance was increased to Rs.400, under an imprest system. How much money has been stolen from petty cash?

A
Rs. 162.22

B
Rs. 162.96

C
Rs. 236.72

D
Rs. 637.04
Question 10
1 / -0

A____ serves the purpose of both journal and ledger accounts.

A
Journal proper

B
Purchase day book

C
Cash book

D
Any of the above

Solution

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.
Cashbook

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Re-Attempt Weekly Quiz Competition

Recording and Posting of Cash Transactions Test 18

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Recording and Posting of Cash Transactions Test 18

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SHARING IS CARING

Question 1

Is a book of prime entry

Records cheques paid and received

Is written up using petty cash receipts and petty cash vouchers

Records cash received and paid

Solution

Question 2

Labor Minimization

Determination of expenses

Control over petty expenses

All of the above

Question 3

Rs.150

Rs. 340

Rs. 400

Rs. 500

Question 4

Salary payments

Stock issued

Subscriptions

Travelling expenses

Solution

Question 5

debited

credited

deducted

none of these

Solution

Question 6

expenses

net income

cash-in-hand with petty cashier

none of the above

Solution

Question 7

Expense

Withdrawal of capital

Income

None of the above

Question 8

To record particular item of expenditure.

To record particular item of receipts.

Both (a) and (b)

None of the above.

Question 9

Rs. 162.22

Rs. 162.96

Rs. 236.72

Rs. 637.04

Question 10

Journal proper

Purchase day book

Cash book

Any of the above

Solution

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