Recording and Posting of Cash Transactions Test 8

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Recording and Posting of Cash Transactions Test 8

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Weekly Quiz Competition

Question 1
1 / -0

Which of these accounts can have credit balance also

A
Cash in hand A/c

B
Cash at Bank A/c

C
Stock in trade A/c

D
Accounts receivable A/c

Solution

Cash in hand can never have a Negetive balance, its balance can be debit or zero. but bank balance can have a negetive balance.
A bank account can also have negetive balance or credit balance if there is bank overdraft.
Question 2
1 / -0

Which of these are not to be recorded in cash book

A
Sundry purchase of Rs. 1,000 to be paid after 3 months

B
Salary paid Rs. 3,000

C
Cash received from the client

D
Cheque received

Solution

Sundry purchase of Rs. 1,000 to be paid after 3 months doesnot involve any inflow or outflow of cash.
Question 3
1 / -0

Contra entries are passed when ___________.

A
Subsidiary books are not maintained

B
Petty cash book is opened

C
Two column Cash book is prepared

D
When accounts are prepared on single entry system basis

Solution

Contra Entry is prepared under single Entry Cash book
Question 4
1 / -0

The amount which the main cashier hands over to the petty cashier to meet day to day petty expenses is known as.....

A
advance

B
loan

C
imprest / float

D
all the three

Solution

The amount which the main cashier hands over to the petty cashier to meet day to day petty expenses is known as imprest /float.
Question 5
1 / -0

X intends to earn a 20% profit margin on selling price, what should be the mark up on cost price to get the desired profit margin

A
20%

B
33%

C
25%

D
30%
Question 6
1 / -0

Cash paid on account of purchase of goods on cash payment would be recorded in.............

A
Sales journal

B
Cash payment journal

C
Debtors ledger

D
Sales day book
Question 7
1 / -0

Cash discount is given to .

A
Boost sales

B
Make early payment before due date

C
To evade tax

D
All the three

Solution

Cash discount is given to Make early payment before due date.
There are two types of Discounts
1. Trade Discount: it is not recorded in the books of accounts.
2. Cash Discount: It is recorded in the books of accounts.
Question 8
1 / -0

Which of these is not shown in Cash book.

A
goodwill written off

B
income received in advance

C
outstanding expenses paid

D
payment of interest to debenture holders

Solution

as no cash is involved in writing off goodwill therefore, it is not shown in cash book
Question 9
1 / -0

Cash in hand with the petty cashier is shown as....

A
Assets

B
Liabilities

C
Expense

D
Revenue

Solution

Cash in hand with the petty cashier is an asset for the business.
Question 10
1 / -0

Excess of total of debit side of cash book over credit side of cash book shows....

A
Excess of income over expenditure

B
Cash in hand

C
Discrepancy in cash book

D
Cheques awaiting clearance by bank

Solution

When there is excess balance in the debit side of the cash book then it stated that there is cash in hand.

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Re-Attempt Weekly Quiz Competition

Recording and Posting of Cash Transactions Test 8

Result

Recording and Posting of Cash Transactions Test 8

Score

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Rank

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SHARING IS CARING

Question 1

Cash in hand A/c

Cash at Bank A/c

Stock in trade A/c

Accounts receivable A/c

Solution

Question 2

Sundry purchase of Rs. 1,000 to be paid after 3 months

Salary paid Rs. 3,000

Cash received from the client

Cheque received

Solution

Question 3

Subsidiary books are not maintained

Petty cash book is opened

Two column Cash book is prepared

When accounts are prepared on single entry system basis

Solution

Question 4

advance

loan

imprest / float

all the three

Solution

Question 5

20%

33%

25%

30%

Question 6

Sales journal

Cash payment journal

Debtors ledger

Sales day book

Question 7

Boost sales

Make early payment before due date

To evade tax

All the three

Solution

Question 8

goodwill written off

income received in advance

outstanding expenses paid

payment of interest to debenture holders

Solution

Question 9

Assets

Liabilities

Expense

Revenue

Solution

Question 10

Excess of income over expenditure

Cash in hand

Discrepancy in cash book

Cheques awaiting clearance by bank

Solution

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