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CBSE Questions for Class 11 Commerce Accountancy Recording Of Transactions - I Quiz 10 - MCQExams.com

Payment of salary is recorded by ____________.
  • Debiting salary a/c; crediting cash a/c
  • Debiting cash a/c; crediting salary a/c
  • Debiting employee a/c; crediting cash a/c
  • Debiting employee a/c; crediting salary a/c
When it is necessary to analyse transactions in terms of debit and credit ?
  • While Journalizing.
  • While Posting.
  • At both times.
  • None of the above.
Purchases of goods on credit from A is recorded as __________.
  • Debit purchases a/c; credit cash a/c
  • Debit A a/c; credit purchases a/c
  • Debit purchases a/c; credit A a/c
  • Debit A a/c; credit stock a/c
Rent paid to landlord should be credited to _________ account.
  • Landlords 
  • Rent 
  • Cash 
  • Expense 
A credit sale of goods to Shivendra should be debited to ______ account.
  • Sales 
  • Goods 
  • Shivendra's 
  • Purchase 
Cash discount allowed to a debtor should be credited to the _________ account.
  • Discount 
  • Customer's 
  • Sales 
  • Cash 
In case of a debt becoming bad, the amount should be credited to _______________.
  • Debtors Accounts
  • Bad debts A/c
  • Sales A/c
  • None of these
The transferring of debit and credit items from journal to the respective accounts in the ledger is called as ___________.
  • Ledger
  • Posting
  • Forward journal
  • None of the above
The rent paid to land lord is to be credited to ___________.
  • Land lord account
  • Rent account
  • Cash account
  • Tenant account
Debit - all expenses and losses 
Credit - all gains and income is the rule for_______________.
  • Real account
  • Personal account
  • Nominal account
  • None of these
Sales made by Mahesh for cash should be debited to _____________.
  • Cash A/c
  • Mahesh A/c
  • Sales A/c
  • Sales return A/c
Which of the followings is not a book of original entry?
  • Cash book
  • Ledger
  • Sales journal
  • Bill receivable book
While preparing the annual financial statements, the balance of rent account should be treated as the balance of a __________.
  • Personal Account
  • Nominal Account
  • Real Account
  • Deferred Expenditure Account
The cash discount allowed to a debtor should be credited to __________.
  • Discount account
  • Customer account
  • Sales account
  • None of these
To determine the details of a specific transaction, one should refer to ____________.
  • Ledger
  • Book of original entry
  • Relevant vouchers
  • None of the above
The debit balance of a personal account shows the ______________.
  • Amount of credit sales
  • Cash in hand
  • Amount payable
  • Amount receivable
Debit may signify __________.
  • Increase in asset account
  • Decrease in asset account
  • Increase in a liability account
  • Increase in capital account
Sundry Income Account is _______.
  • Real
  • Personal
  • Nominal
  • All of the above
Amrit Nath Ashram has earned but not received the interest of Rs.25,000/- on securities. The journal entry is _____________.
  • Interest Accured A/c Dr.25000
    To Interest A/c 25000
  • Interest A/c Dr.25,000
    To Interest
    Accured A/c 25000
  • Securities A/c Dr. 25000
    To Interest A/c 25000
  • None of the above
Credit may signify _________________.
  • Decrease in assets
  • Increase in liability
  • Increase in capital account
  • All of these
Which of the following transactions results in increase in shareholders' equity and decrease in liabilities?
  • Issued shares for the purchase of land and building.
  • Issued shares for acquisition of another company.
  • Shares issued in payment of bills payable.
  • Issued bonus shares.
Outstanding expenses Account is ___________.
  • Real
  • Nominal
  • Personal
  • All of the above
Deposits with MSEB ___________.
  • Real
  • Nominal
  • Personal
  • All of the above
Ledger Folio and index is necessary for ledger.
  • True
  • False
Fixed Deposit Account is _________.
  • Real
  • Personal
  • Nominal
  • All of the above
Left hand side of an account is ________.
  • Debit side
  • Credit side
  • Income side
  • Expenses side
Drawings Account is ___________.
  • Real
  • Personal
  • Nominal
  • All of the above
Sub-division of journal is known as _______ book.
  • Subsidiary
  • Purchase return
  • Purchase
  • Journal proper
Transaction related to assets are recorded in __________.
  • Real account
  • Personal account
  • Nominal account
  • None of the above
Wages paid for installation of asset should be debited ___________  A/c.
  • Wages
  • Asset
  • Cash
  • Suspense
Loss by Fire Account __________.
  • Real
  • Personal
  • Nominal
  • All of the above
An analysis of the effects of a transaction on the accounts, usually accompanied by explanation is known as ________.
  • Recording
  • Journalising
  • Journal entry
  • Posting
Accrued/prepaid/received in advance/outstanding a/c are known as __________.
  • Nominal a/c
  • Real a/c
  • Representative personal a/c
  • Tangible a/c
A cash disbursement may result in ___________.
  • Reduction in liability
  • Increase in other asset
  • Reduction in one asset and increase in other asset
  • All of the above
When a debtor is realized which account is credited _________.
  • cash a/c
  • miscellaneous income a/c
  • debtor a/c
  • profit and loss a/c
Increase in owner's equity can be caused by ____________________.
  • profit from a successful business operation
  • fresh investment made by the owner
  • bringing in new asset in the business
  • all of the above
Cash withdrawal by the proprietor would cause _______.
  • Cash in hand to decrease
  • External liability to decrease
  • Total liabilities to increase
  • Total assets remain unchanged
________ represents the residual interest in the organisation's assets after deducting liabilities.
  • Cash profit
  • Liabilities
  • Net worth
  • Owner's equity
A cash receipt may cause ___________.
  • Increase in liability
  • Decrease in other asset
  • Reduction in one asset and increase in other asset
  • All of the above
Accounts are broadly classified into ______.
  • Real
  • Personal
  • Nominal
  • All of the above
ABC Ltd. acquired a new Machine for Rs. 500,000 on 1st April 2013 and spent Rs. 10,000 on its installation and Rs. 5,000 on transportation. The useful life of the machine is estimated 10 years. The firm provides depreciation using sum of years digit method. what is the depreciation for the year 2013−14.
  • Rs. 93,636
  • Rs. 89,100
  • Rs. 75,908
  • Rs. 1,01,300
Journal is also called ______.
  • Subsidiary book
  • Daily event book
  • History sheet
  • Log book
For real a/c debit means _____.
  • Addition
  • Reduction
  • Consumption
  • Exhaustion
Stock valued at Rs. 20,000 sold for cash at Rs. 24,000 would cause ____________________.
  • decrease in current assets by Rs. 20,000
  • Increase in owners equity and total assets by Rs. 4,000
  • increase in debtors by Rs. 24,000
  • none of these
ABC Ltd. acquired a new Machine for Rs. 500,000 on 1st April 2012 and spent Rs. 10,000 on its installation and Rs. 5,000 on transportation. The useful life of the machine is estimated 10 years. The firm provides depreciation using sum of years digit method. what is the depreciation for the year 2013−14.
  • Rs. 93,636
  • Rs. 89,100
  • Rs. 84,272
  • Rs. 91,300
Received Rs 1100 from M/s Manoj against the outstanding debt of Rs 1100 due from him. The nature of entry to record this transaction is _______.
  • Compound entry
  • Simple entry
  • Contra entry
  • Complex
Which of these are the advantages of the subsidiary books?
  • Division of work
  • Specialization and efficiency
  • Saving of time
  • All the three
Goods worth Rs.2000 distributed as free sample is treated as _______.
  • Sales
  • Purchase return
  • Sales Promotion Expenses
  • Business Loss
Another term used for recording a business transaction is ___________.
  • Journalizing
  • Vouching
  • Ledger posting
  • Consolidation
Journalising process is in __________.
  • Analytical manner
  • Summarized manner
  • Chronological order
  • None of the above.
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