CBSE Questions for Class 11 Commerce Accountancy Recording Of Transactions - I Quiz 1 - MCQExams.com

Accrued wages is a ____________.
  • Personal A/c
  • Suspense A/c
  • Real A/c
  • Representative personal A/c
Which one of the following is an example of personal account?
  • Capital account
  • Building account
  • Cash account
  • Investment account
Posting implies recording of a transaction in journal.
  • True
  • False
In book-keeping posting means, __________.
  • to record the transactions from the journal to ledger
  • to record the transactions in the journal
  • to record the transactions in the subsidiary books
  • to record the transactions in the cash book
Which English alphabet is similar to the shape of an account?
  • I
  • T
  • H
  • Y
An international reserve asset created by the IMF taking into account the global need to supplement existing reserves is called ______________.
  • Quota
  • International Monetary Right
  • Special Drawing Rights
  • None of the above
Debit means _________.
  • Decrease in asset
  • Increase in liability
  • An entry on the left hand side of an account
  • Moderate increase in liability
The basic rule of book-keeping, debit the receiver and credit the giver is applicable to ________________.
  • Nominal account
  • Real account
  • Personal account
  • Drawing account
Which of the following accounts is increased by debit entries?
  • Machinery account
  • Purchases return account
  • Discount received account
  • Commission received account
Account current is a journal.
  • True
  • False
  • Partly true
  • Partly false
Goods of the value of Rs. 1500 taken by the proprietor for his personal use should be debited to _______________.
  • Drawing account
  • Sales account
  • Purchases account
  • Stock account
The ______________ in a ledger helps in locating the accounts contained in it.
  • Folio
  • Pages
  • Serial numbers
  • Part numbers
A sale of goods of vidhya for cash should be debited to ______________.
  • Vidhya's account
  • Cash account
  • Sale of goods account
  • Purchases account
Any written document in support of a business transaction is called a ___________.
  • Voucher
  • Bill
  • Carbon Copy
  • Expense Bill
How many sides does an account have?
  • One
  • Two
  • Three
  • Four
A credit sale of goods to Shiva should be debited to ____________.
  • Sales account
  • Goods account
  • Shiva's account
  • Purchase account
Ledger is also called  ___________.
  • Principal Book of Accounts
  • Cash Books
  • Subsidiary Books
  • Petty Cash Book
Insurance unexposed account is ________.
  • Real Account
  • Personal Account
  • Nominal Account
  • Representative Account
The process of transferring the credit and debit items form a journal to their respective accounts in the ledger is termed as ___________.
  • Balancing
  • Invoicing
  • Double entry
  • Posting
Receipts and payments account is a _____________.
  • Personal Account
  • Nominal Account
  • Real Account
  • Representative Account
If some goods from business are given away as charity to a particular person or institution, it should be ____________.
  • Debited to charity account
  • Credited to charity account
  • Debited to sales account
  • Debited to donation account
Insurance unexpired accounts is a _____________.
  • Real account
  • Personal account
  • Nominal account
  • None of these
Under purchase method of amalgamation, _______ of the transferor company continues to appear in the balance sheet of the transferee company. 
  • Capital reserve
  • General reserve
  • Statutory reserve
  • Specific reserve
The amount brought in by the proprietor in the business should be credited to ____________.
  • Cash Account
  • Capital Account
  • Drawing Account
  • Bank Account
Jay account is a __________ account.
  • Nominal account
  • Personal account
  • Real account
  • Trading account
A withdrawal of cash from business by the proprietor of the firm should be debited to ___________.
  • Capital Account
  • Cash Account
  • Drawing Account
  • Proprietor's Account
Salary account is by its nature a _________.
  • Real Account
  • Nominal Account
  • Personal Account
  • Trading Account
Ledger is a book of _________.
  • Original Entry
  • Principal Entry
  • All Cash Entry
  • All Credit Entry
_________ is given to promote sales.
  • Cash discount
  • Trade discount
  • Quantity discount
  • Price discount
The process of recording financial transactions in the journal is called ___________.
  • Journalizing
  • Utilizing
  • Posting
  • Balancing
A sale of goods to Vaibhav for cash should be debited to ___________.
  • Vaibhav's account
  • Cash account
  • Sale of goods account
  • None of these Above
Journal is known as book of _________ entry.
  • Original
  • Duplicate
  • Personal
  • Nominal
Sales made to Mahesh for cash should be debited to ________.
  • Cash account
  • Mahesh account
  • Sales account
  • Purchase account
Identify which is the wrong rule?
  • Nominal account - debit all expenses & losses
  • Real account - credit what comes in
  • Nominal account - credit all incomes & gains
  • Personal account - debit the receiver
What comes in is to be debited, what goes out is to be credited?
  • Rules of Personal
  • Rules of Real
  • Rules of Nominal
  • All of these
Return of goods by a customer should be debited to __________.
  • Customers Account
  • Sales Return Account
  • Goods Account
  • Purchase Account
Which of the following is not an example of real A/c?
  • Machinery
  • Building
  • Cash
  • Creditor
Provision for doubtful debts account is a ________.
  • Asset
  • Liability
  • Income
  • None of these
Interest, rent, electricity bill are types of _______ account.
  • Personal a/c
  • Impersonal a/c
  • Real a/c
  • Nominal a/c
Which of the following is an accounting equation?
  • Assets = Capital/Liabilities
  • Capital = Assets - Liabilities
  • Assets = Liabilities - Capital
  • Liabilities = Assets + Capital
In order to determine the amount of sales, to which of the following records one should refer?
  • Sales book.
  • Sales account.
  • Journal.
  • Total debtors account.
__________ is a summary of all transactions relating to particular account.
  • Balance sheet
  • Trial balance
  • Ledger
  • Journal
Amount brought in by proprietor should be credited to ______ account.
  • Cash 
  • Capital 
  • Drawings 
  • Creditors 
Outstanding salary account is a _______ account.
  • Nominal account
  • Real account
  • Artificial person's account
  • Representative personal account
Which of the following, equations properly represents a derivation of the fundamental accounting equation?
(a) Assets + Liabilities = Owner Equity
(b) Asset = Owner Equity
(c) Cash = Assets
(d) Assets - Liabilities = Owner Equity
  • Only (a)
  • Both (a) & (b)
  • All (a), (b), (c), (d)
  • None of these
A book containing a chronological record of business transaction & original record is called a _________.
  • Journal
  • Ledger
  • Trial balance
  • None of the above
"Debit the receiver credit the giver"is the rule for _____________.
  • Real account
  • Personal account
  • Nominal account
  • None of these
Debit and credit items from the journal are transferred to the respective accounts in the __________.
  • Compound journal
  • Ledger
  • Trial balance
  • None of the above
The word 'Debit' means __________.
  • Due to that
  • Due for that
  • 'What is'
  • What ought to be
The following comments each relate to the recording of journal entries. Which statement is true?
  • For any given journal entry. debits must exceed credits
  • It is customary to record credits on the left and debits on the right
  • The chart of accounts reveals the amount to debit and credit to the affected accounts
  • Journalization is the process of converting transactions and events into debit/credit format
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers