CBSE Questions for Class 11 Commerce Accountancy Recording Of Transactions - I Quiz 3 - MCQExams.com

Accounts of property is __________.
  • Real
  • Personal
  • Nominal
  • None of the above
Sundry Expenses Account is _________.
  • Real
  • Nominal
  • Personal
  • None of the above
Outstanding Income Account is ______.
  • Real
  • Nominal
  • Personal
  • All of the above
Furniture Account is ________.
  • Real
  • Nominal
  • Personal
  • All of d above
The accounting entries which appear on both the sides of cash book are called journal entries.
  • True
  • False
Profit on Sale of Furniture Account __________.
  • Real
  • Nominal
  • Personal
  • All of the above
Bank Charges Account is _____.
  • Real
  • Personal
  • Nominal
  • All of the above 
Right hand side of an account is __________.
  • credit side
  • debit side
  • income side
  • expenses side
Discount Account is_____.
  • Real
  • Personal
  • Nominal
  • All of the above
If rent is paid to the landlord, Landlord's A/c should be debited.
  • True
  • False
Every debit has equal corresponding credit.
  • True
  • False
Purchases account is debited when machinery is purchased.
  • True
  • False
An order placed for the goods, entry is recorded in the books of accounts.
  • True
  • False
Discount received is a personal account.
  • True
  • False
Name the account which is debited for payment of import duty.
  • Import duty Account
  • Cash Account
  • Expenses Account
  • Loss Account
A cash memo is prepared and issued by__________.
  • Buyer
  • Seller
  • Customer
  • Public
Every financial transaction is recorded first in the journal.
  • True
  • False
A journal voucher is must for all transactions recorded in the journal.
  • True
  • False
If the goods are sold, the entry should be recorded in the journal. 
  • True
  • False
Brokerage paid on sale of goods is debited to Brokerage A/c.
  • True
  • False
Goods withdrawn by the proprietor from business is debited to the Drawings A/c.
  • True
  • False
Recording two fold effects of each transaction in the journal is called journalisation.
  • True
  • False
Narration is not necessary for each and every journal entry. 
  • True
  • False
Journal is maintained for keeping random individual records of business transactions. 
  • True
  • False
Journal is a book of secondary entry. 
  • True
  • False
Bank of Maharastra A/c is a Nominal A/c.
  • True
  • False
Cash memo is used for credit purchase/sale.
  • True
  • False
Narration is written just above an entry. 
  • True
  • False
Live stock a/c is a nominal a/c.
  • True
  • False
Transferring journal entry from journal to ledger is called journalising. 
  • True
  • False
In technical term a cash memo is called a cash voucher.
  • True
  • False
Recording of an entry from journal to ledger is called as __________.
  • Balancing
  • Posting
  • Totalling
  • Transferring
Source document are useful to record business transactions in the books of accounts.
  • True
  • False
Sales accounts always shows ________ balance.
  • Debit
  • Credit
  • Adverse
  • Specific
A voucher is a document in support of an entry in the books of account.
  • True
  • False
All entries are posted from journal to _______.
  • Ledger
  • Balance Sheet
  • Trial Balance
  • Cash A/c
Ledger posting is made before passing journal entry.
  • True
  • False
____________ is a process of transferring journal entry to ledger.
  • Journalisation
  • Ledger Posting
  • Casting
  • Recording
A bound book of account is __________.
  • Ledger
  • Journal
  • Subsidiary Book
  • Cash Book
All transaction are recorded directly in ledger.
  • True
  • False
Ledger is known as the book of original entry.
  • True
  • False
Left hand side of an account is called _______ side.
  • credit
  • debit
  • middle
  • centre
Recording of a transaction in journal is called posting.
  • True
  • False
Ledger Folio is recorded in Journal.
  • True
  • False
Narration is not necessary in ledger.
  • True
  • False
Recording business transaction in the journal is known as posting.
  • True
  • False
Credit purchases of goods is credited to personal account. 
  • True
  • False
Select the most appropriate alternative from those given below:
Capital is excess of assets over _________.
  • Goodwill
  • Liabilities
  • Investments
  • Drawings
With the help of journal and ledger, cross checking of business transactions not possible.
  • True
  • False
State whether the following statement is True or False
Insured goods lost by fire is debited to Goods A/c.
  • True
  • False
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers