CBSE Questions for Class 11 Commerce Accountancy Recording Of Transactions - I Quiz 2 - MCQExams.com

Small firms may adopt _________.
  • The subsidiary book system
  • Journal system
  • Ledger
  • None of these
Accounting equation is a _______.
  • Formula
  • Theory
  • Rule
  • Procedure
The word 'Credit' means _________.
  • What is
  • What ought to be
  • Due to that
  • Due for that
Journal means _______________.
  • A daily record of business transactions
  • Book of original entry
  • Both (A) and (B)
  • Purchase book
The basis for the accounting equation is the principle of _________.
  • Rights
  • Rules
  • Procedures
  • Policies
American accountants have derived the rules of debit and credit through ________.
  • Accounting equation
  • Convention of conservation
  • Accounting conventions
  • Consistency
According to accounting equation concept, every business transaction recorded in accounts has two aspects. Which are these two aspects?
  • Capital and liabilities
  • Giving of benefit and receiving of benefit
  • Liabilities and assets
  • Giving of profit and receiving of profit
The main books of accounts in a business is ____________.
  • Account
  • Journal
  • Ledger
  • Subsidiary books
The second important stage in the accounting process is______.
  • Journal
  • Ledger
  • Account
  • Subsidiary books
Which of the following is usually in the 'T' format and contains two sides?
  • Journal
  • Account
  • Ledger
  • Subsidiary books
Journal is a book of ____________.
  • Primary entry
  • Original entry
  • Duplicate entry
  • Primary or original entry
Which of the following is not a subsidiary book?
  • Purchase Book.
  • Sales Book.
  • Bills Receivable Book.
  • Pass book.
When Accounts in the ledger are balanced ?
  • Daily
  • Weekly
  • Monthly
  • Yearly
Which of the following books serves both as journal and ledger?
  • Cash book
  • Sales Return book
  • Sales journal
  • Purchase returns book
Voucher relates to ___________
  • Cash receipt and payments, credit transactions
  • Cash payment only
  • Credit transactions only
  • Cash receipt only
Accounting transactions of an organisation are documented using a _________.
  • Bill
  • Invoice
  • Voucher
  • None of these
Dual Aspect concept results in an accounting equation which is __________.
  • Revenue = Expenses
  • Capital + Profits = Assets + Expenses
  • Capital + Liabilities = Assets
  • Capital + Drawings = Owner's Equity
While recording transactions in the books of company's purchasing and selling, which of the following must be noted _________________.
  • Assets and business
  • Liabilities and Trade liabilities
  • Accumulated profits
  • All the above
X started business with a capital of Rs. 20,000 and purchased goods worth Rs. 2,000 on credit. These transactions may be expressed in the from of 'Accounting equation' such as_________________.
  • Rs. 22,000 = Rs. 20,000 + Rs. 2,000
  • Rs. 20,000 = Rs. 22,000 - Rs. 2,000
  • Rs. 22,000 = Rs. 22,000 + 0
  • Rs.22,000 = 0 + Rs. 22,000
Match List-I with List-II and select the correct answer using the codes given the lists:
List-I(Types of accounts)List-II(Principles)
I. Real Accounts(a) Debit the receiver credit the giver
II. Nominal Accounts(b) Debit what comes in credit what goes out
III. Personal Accounts(c) Debit all expenses,losses credit all incomes,gains
  • I-(c), II-(b), III-(a)
  • I-(a), II-(c), III-(b)
  • I-(b), II-(c), III-(a)
  • I-(a), II-(b), III-(c)
A Voucher is ________.
  • Document for support of an entry made in books of accounts
  • Invoice received from suppliers
  • Receipt issued to a customer for cash
  • Dispatch Receipt
Investment by owner results in ___________________.
  • Increase in capital and decrease in libility
  • Increase in capital and increase in liability
  • Increase in capital and decrease in asset
  • Increase in capital and increase in asset
Which of the following accounts is increased by credit entries?
  • Sales return account
  • Bank overdraft account
  • Goodwill account
  • Purchase account
Which of the followings shows the chronological record of transactions ?
  • Journal
  • Ledger
  • Trial balance
  • None of these
All accounting entries must satisfy the accounting equation specified by  ___________.
  • Accrual Concept
  • Matching Concept
  • Realisation Concept
  • Dual aspect concept
Salaries paid to Ramesh will be debited to ________________.
  • Salaries Account
  • Ramesh's Account
  • Cash Account
  • Capital Account
From the following which is according to Dual aspects.
  • Capital = Liabilities + Assets
  • Assets = Liabilities + Capital
  • Assets = Liabilities - Capital
  • Liabilities = Assets + Capital
Vivek started business with a capital of $$Rs.20,000$$ and purchased goods worth $$Rs.2,000$$ on credit. These transactions may be expressed in the form of an accounting equation such as __________.
  • $$Rs. 22,000 = Rs. 20,000 + Rs. 2,000$$
  • $$Rs. 20,000 = Rs. 22,000 - Rs. 2,000$$
  • $$Rs. 22,000 = Rs. 22,000 + Rs. 0$$
  • $$Rs. 22,000 = Rs. 0 + Rs. 22,000$$
The fundamental accounting equation Assets = Capital + Liabilities is the formal expression of __________.
  • Dual aspect concept
  • Matching concept
  • Going concern concept
  • Money measurement concept
Which of the following accounts have only credit balance?
  • Reserve Fund account
  • Capital account
  • Accounts payable account
  • All of these
Which of the following is not opened in the General Ledger ?
  • Drawing Account
  • Land Account
  • Rent Account
  • Personal Account of a trade creditor
Where process scrap is re-cycled for use in conjunction with new material as well as being sold externally, which of the following is most likely, to be the value at which it is debited to the process?
  • At the same price as it is sold externally
  • At the cost of normal losses
  • At the cost attached to abnormal losses
  • Nil value
Income tax paid is debited to ______________.
  • Trading account
  • Profit and Loss Account
  • Drawing Account
  • Cash Account
Bought ledger adjustment account is also termed as _______________.
  • General ledger Account.
  • Creditors ledger adjustment Account.
  • Debtors ledger adjustment Account.
  • Sold ledger adjustment Account.
Which of the following is a real account ?
  • Salaries account
  • Investment in shares
  • Debtors account
  • Bank account
A voucher is a _____________.
  • Document in support of an entry made in the books of accounts
  • Invoice received from suppliers
  • Receipt issued to a customer for cash received
  • All of these
Vouching relates to ___________.
  • Cash receipts
  • Cash payments
  • Credit transaction
  • All of these
The 'Statement of Affairs' is prepared on the basis of _______________.
  • Ledger Accounts.
  • Ledger Accounts and estimates.
  • Estimates.
  • None of the above.
Identified and measured economic events should be recorded in _________order.
  • Chronological order
  • Valuation  order
  • Relevance order
  • All of the above
Debtors and Creditors Ledgers are known as __________________.
  • Bought ledger adjustment Account.
  • Subsidiary Ledgers.
  • General Ledgers.
  • Sold ledgers adjustment Account.
One debit account and more than one credit account in a entry is called compound entry.
  • True
  • False
Balancing of account means total of debit and credit side.
  • True
  • False
Balancing of account means ______________.
  • Cash credit
  • Total credit
  • Difference in credit and debit
  • Total debit
Life Insurance Premium A/c is _________.
  • Nominal
  • Personal
  • Real
  • None of the above
Excess of assets over liabilities is known as ____________ .
  • Capital
  • Loss
  • Profit
  • Surplus
Mr. Kulkarni's Capital Account is a ____________ account.
  • Nominal
  • Real
  • Personal
  • None of the above
 Cash discount is ___________.
  • Given to encourage prompt payment 
  • Amount deducted from list price
  • Not required to be shown in books of accounts
  • All of the above
Freight Account is __________.
  • Real
  • Personal
  • Nominal
  • All of the above
Goodwill Account is _________.
  • Nominal
  • Real
  • Personal
  • None of the above
Export Duty Account is __________.
  • Real
  • Personal
  • Nominal
  • None of the above
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers