Recording and Posting of Cash Transactions Test 9

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Recording and Posting of Cash Transactions Test 9

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Weekly Quiz Competition

Question 1
1 / -0

Which of these are not to be recorded in cash book.

A
Goods worth Rs.5,000 sold on three months credit.

B
Interest paid Rs.3,000

C
Cash received from the client

D
Cheque dishonoured

Solution

In Cashbook, only cash transactions are recorded.
In Option A, Cash is not involved, therefore, Goods worth Rs.5,000 sold on three months credit are not recorded in cash book.
In Option B, C and D, Cash is involved therefore it will be recorded in the Cash Book.
Question 2
1 / -0

The opening balance on the debit side of the bank column in Cash Book indicates ___________.

A
The total amount withdrawn from the bank

B
The total amount deposited in the bank

C
Cash at bank

D
Bank overdraft.

Solution

The opening balance on the debit side of the bank column in Cash Book indicates Cash at the bank. If it is on the credit side then it indicates the Bank Overdraft.
In Cash Book , all cash related transactions are recorded.
There are mainly 4 types of Cash Book
1. Single Column Cash Book
2. Double Column Cash Book
3. Triple Column Cash Book
4. Petty Cash Book
Question 3
1 / -0

Cash book starts with ______

A
cash/bank balance in hand

B
no balance

C
opening stock

D
debtors a/c

Solution

Cash Book starts with cash balance in hand
Question 4
1 / -0

The Cash Book records ________________.

A
All Cash Receipts

B
All Cash Payments

C
All Cash Receipts and Payments

D
Cash and Credit Sale of Goods.

Solution

Cash Book is a subsidiary book which records all the cash receipts and cash payments. The Balance of Cash book can never be credit as it always has debit balance or zero balance.
There are mainly Four types of Cash Books
1. Simple Cash book
2. Two column Cash Book
3. Three Column Cash Books.
4. Petty Cash Book
Question 5
1 / -0

In a three column cash book which of these column is not balanced?

A
Discount

B
Cash

C
Bank

D
None
Question 6
1 / -0

Balance in petty cash book represents.

A
Outstanding expenses

B
Prepaid expenses

C
Cash balance

D
Net profit

Solution

Balance in petty cash book represents cash balance
Question 7
1 / -0

Which of these transaction is shown as contra entry-

A
Cash deposited with bank

B
Discount received

C
Discount allowed

D
Payment to sundry creditor

Solution

Contra Entry is an entry that affects both cash account and bank account. Cash deposited with the bank has affected both cash and bank ba;ances therefore, it is a contra entry.
It is will be recorded with the symbol "c" in the L.F. column of the Double Column Cash Book.
Question 8
1 / -0

If Sandeep sold goods for Cash, it will be recorded in _____________.

A
Sales Book

B
Cash Book

C
None of these

D
Both of these

Solution

The Journal Entry for the above transaction will be
Cash a/c Dr.
To Sales a/c
(Being goods sold for cash)
As cash is involved in this transaction, therefore, it will be recorded in the cash book.
Question 9
1 / -0

Which of the following is correct?

A
Cash book is a journal and not a ledger

B
Cash book is a ledger and not a journal

C
Cash book is both a journal and a ledger

D
Cash book is neither a journal nor a ledger

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 as journal book records all the cash receipts and cash payments therefore, it is same as ledger.
Therefore, a cash book serves both journal and ledger purposes.
Question 10
1 / -0

Petty cash may be used to pay ______________________.

A
The expenses relating to passages and conveyance

B
Salaries and wages to the manual staff

C
For the purchase of furniture and fittings

D
None of these.

Solution

Petty cash may be used to pay the expenses relating to passages and conveyance.

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Re-Attempt Weekly Quiz Competition

Recording and Posting of Cash Transactions Test 9

Result

Recording and Posting of Cash Transactions Test 9

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SHARING IS CARING

Question 1

Goods worth Rs.5,000 sold on three months credit.

Interest paid Rs.3,000

Cash received from the client

Cheque dishonoured

Solution

Question 2

The total amount withdrawn from the bank

The total amount deposited in the bank

Cash at bank

Bank overdraft.

Solution

Question 3

cash/bank balance in hand

no balance

opening stock

debtors a/c

Solution

Question 4

All Cash Receipts

All Cash Payments

All Cash Receipts and Payments

Cash and Credit Sale of Goods.

Solution

Question 5

Discount

Cash

Bank

None

Question 6

Outstanding expenses

Prepaid expenses

Cash balance

Net profit

Solution

Question 7

Cash deposited with bank

Discount received

Discount allowed

Payment to sundry creditor

Solution

Question 8

Sales Book

Cash Book

None of these

Both of these

Solution

Question 9

Cash book is a journal and not a ledger

Cash book is a ledger and not a journal

Cash book is both a journal and a ledger

Cash book is neither a journal nor a ledger

Solution

Question 10

The expenses relating to passages and conveyance

Salaries and wages to the manual staff

For the purchase of furniture and fittings

None of these.

Solution

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