CBSE Questions for Class 11 Commerce Accountancy Recording Of Transactions - I Quiz 8 - MCQExams.com

A chronological record of transactions may be found in ________.
  • Trial Balance
  • Journal
  • Balance Sheet
  • Ledger
In the particulars account the name of the account to be credited is entered at ______ place with a prefix 'To' _____________________.
  • in confirmation of the name of the account to be debited
  • next line to the account name that is to debited
  • any where in the journal
  • none of the above
The reason for totaling at the end of the page of a journal is ______________.
  • It makes whole system more convenient
  • As the calculations are lengthy it is more comfortable
  • It is a general practice
  • All of the above
Generally journal is kept in a ______________.
  • Mathematical method
  • Columnar method
  • Straight method
  • None of the above
This is NOT the function of ledger.
  • To classify all the items
  • To put all the items at application accounts
  • Both a & b
  • None of the above
Book of analytical record is ___________.
  • Balance sheet
  • Journal
  • Ledger
  • All of the above
The information that is not provided in the ledger is a _______________.
  • Information regarding debtors
  • Every information is provided with narration
  • Information regarding creditors
  • Information regarding purchases
In ledger J.F. denotes __________.
  • Page number
  • Folio
  • Both a & b
  • None of the above
Pick out the wrong one from the following statements.
  • In ledger account debit is one left hand side and credit on right hand side.
  • Ledger takes care of only real and nominal accounts of an enterprise.
  • Name of the account in ledger is written in the top middle of the account.
  • Ledger account is divided into two sides.
What is uncommon in ledger?
  • Name of the accounts used in journal are different from ledger
  • Account which is credited in journal debited in ledger
  • Both a & b
  • None of the above
Of the following account types, which would be increased by a debit_________.
  • 'Liabilities and expenses
  • Assets and equity
  • Assets and expenses
  • Equity and revenues
Function of the ledger is _____________.
  • to calculate the total debit and credit of the company
  • to prepare the summary of each account
  • to record all the transactions in a period.
  • All of the above
Which ONE of the following, in a classified form, contains permanent records of all transactions?
  • Cash Book
  • Sales Day Book
  • Journal
  • Ledger
Which of the following  is recorded in the purchase book?
  • Cash paid to a creditor
  • Credit revenue purchases
  • Cheque received from a debtor
  • Purchase of fixed assets
Which of the following statements is incorrect?
  • In the double-entry accounting system, a journal entry should always end with a narration explaining the need for it.
  • For a ledger account, there should be debit and credit both.
  • Books of accounts should be substantiated by appropriate voucher and authorized at the proper level.
  • There should always consist of a single debit entry matched by a corresponding credit entry.
Amit commenced business introducing as his capital furniture worth Rs. 21,000, a car valued at Rs. 30,000 and Rs. 48,000 in cash. The journal entry for recording this would require ____________________.
  • Debit in the three asset accounts, including cash and a credit in the Capital Account
  • No journal entries
  • Debit in the two asset accounts other than cash and a credit in the Capital Account
  • Debit in the cash Account and credit in the Capital Account
The following comments ail relate to the recording process. Which of these statements is correct?
  • The general ledger is a chronological record of transactions.
  • The general ledger is posted from transactions recorded In the general journal.
  • The trial balance provides the primary source document for recording transactions into the general journal.
  • Transposition is the transfer of information from the general journal to the general ledger.
If there is a debit balance in ledger accounts than ___________.
  • debit side of an account exceeds the credit side
  • credit side of an account exceeds the debit side
  • total of the debit side is more
  • both a & c
What is NOT required for ledger?
  • Date
  • Using 'To' and 'By'
  • In folio column page number of journal
  • None of the above
Another name of journal is _____________.
  • Specialized journal
  • Day book
  • Cash book
  • Record book
The accounting entry to record bank charges deducted from the Bank Account of the business ___________.
  • Debit Bank Charges Account credit Cash Account
  • Debit Cash Account credit Bank Charges Account
  • Debit Interest account credit Bank Account
  • Debit Bank Charges Account credit Bank Account
The document issued by any bank on behalf of the importer, promising to pay the money for imported goods is called _______________.
  • Letter of credit
  • Debt Card
  • Bank Draft
  • None of the above
A cheque for Rs. $$10,000$$ received from Ramesh, a trade debtor, should be accounted for as __________________.
  • Debit- Bank A/c, Credit- Ramesh A/c
  • Debit- Cash A/c, Credit- Sales A/c
  • Debit- Ramesh A/c, Credit- Cash A/c
  • Debit- Cash A/c, Credit- Ramesh A/c
Which of the following actions reflects 'parent ego' as per the concept of Transactional Analysis?
  • Pondering
  • Pleasure
  • Blessing
  • All of the above
The bank statement reports a credit transfer of Rs. $$4,000$$ from a customer. Accounting entries for this is?
  • A debit in the cash account and a credit the account of the debtor concerned
  • A debit in the bank account and a credit in the cash account
  • A debit in the bank account and a credit in the account of the customer concerned
  • A debit in the account of the debtor concerned and a credit in the bank account
Journal is the book of _______ in which every transaction is recorded before being posted into the ledger. 
  • Primary entry
  • Secondary entry
  • Third entry
  • None of above
The purchase of supplies for cash will result in an _______________.
  • Increase in cash and a decrease in capital
  • Increase in cash and an increase in supplies
  • Increase in supplies and a decrease in cash
  • Increase in equipment and an increase in capital
Journal has _______ columns. 
  • $$4$$
  • $$5$$
  • $$3$$
  • $$6$$
Which of the following item is found in a Journal entry?
$$1$$. Date of each transaction
$$2$$. Rupee amount of each debit and credit
$$3$$. Explanation of each transaction.
  • $$1$$ only
  • $$1$$ & $$2$$ only
  • $$2$$ & $$3$$ only
  • All of the above
Journal and ledger records transactions in _________________.
  • A chronological order and analytical order respectively.
  • An analytical order and chronological order respectively.
  • A chronological order only
  • An analytical order only
_______ is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded. 
  • Ledger
  • Journal
  • Purchases return books
  • Sales book
The total of the amount of the bills receivable book is posted to the _______in the ledger. 
  • Dr. of bills payable account
  • Cr. of bills payable account
  • Cr. of bills receivable account
  • Dr. of bills receivable account
_______is used to record the particulars of all the bills payable accepted by the business organization for the purpose of paying amounts due to its creditors.
  • Journal proper
  • Bills Payable Book
  • Bills Receivable Book
  • Sales Book
Ledger is the ______ of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded. 
  • Principal book
  • Primary entry book
  • Third entry book
  • None of above
Process of recording transaction in ledger is known as ____________.
  • Balancing
  • Posting
  • Journalizing
  • None of above
Goods worth $$Rs. 10,000$$ were purchased by $$B$$ on which the traders allowed $$Rs. 500$$ trade discount and offer to given $$5$$% cash discount if immediate payment is made. The Purchase A/c will be debited by ____________.
  • $$Rs. 10,000$$
  • $$Rs. 9,800$$
  • $$Rs. 9,000$$
  • $$Rs. 9,500$$
Journal is book of _______________.
  • Analytical record
  • Chronological record
  • Alphabetical record
  • None of above
Ledger book is popularly known as ____________.
  • Secondary book of accounts
  • Principal book of accounts
  • Subsidiary book of accounts
  • None of above
_______ is used to record the details of bills receivable by the business organization. 
  • Purchases Book
  • Bills Payable Book
  • Bills Receivable Book
  • None of the above
Goods purchased on credit is an example of ___________.
  • Increase in Asset & Owner's Liability
  • Decrease in Asset & Owner's Liability
  • Increase in Liability & Owner's Liability
  • Increase in assets and liabilities
  • Increase in Liability & Decrease in Owner's Liability
Goods purchased for cash is an example of __________.
  • Increase in Asset & Owner's Liability
  • No change in total assets and total liability.
  • Increase in Liability & Owner's Liability
  • Decrease in Liability & Increase in Owner's Liability
  • Increase in Liability & Decrease in Owner's Liability
Goods returned to supplier is an example of __________.
  • Increase in Asset & Owner's Liability
  • Decrease in Asset & Owner's Liability
  • Increase in Liability & Owner's Liability
  • Decrease in Liability & Increase in Owner's Liability
  • Increase in Liability & Decrease in Owner's Liability
Goods returned by a customer is an example of _____________________.
  • Increase in Asset & owner's liability
  • Decrease in Asset & owner's liability
  • Increase in Liability & owner's liability
  • Decrease in Liability & Increase in owner's liability
  • Increase in Liability & Decrease in owner's liability
Goods sold on credit is an example of __________.
  • No Change in Asset & Owner's Liability
  • Decrease in Asset & Owner's Liability
  • Increase in Liability & Owner's Liability
  • Decrease in Liability & Increase in Owner's Liability
  • Increase in Liability & Decrease in Owner's Liability
Credit purchase of plant and machinery is recorded in_________________.
  • purchase day book
  • purchase ledger
  • cash book
  • Journal proper
Which of the financial statement represents the accounting equation?
  • Manufacturing account
  • Cash flow statement
  • Balance sheet
  • Profit and loss account
The rule for real accounts is _______________.
  • debit the receiver, credit the goes out
  • debit what comes in, credit what goes out
  • debit all expenses and losses, cedit all incomes and gains
  • all of the above
At the end of the accounting year all the nominal accounts of the ledger book are _________________.
  • Balanced but not transferred to profit and loss account
  • Not balanced and also the balance is not transferred to the profit and loss account
  • Balanced and the balance is transferred to the balance sheet
  • Not balanced and their balance is transferred to the profit and loss account
Bad debts written off is an example of ___________.
  • Increase in Asset & Owner's Liability
  • Decrease in Asset & Owner's Liability
  • Increase in Liability & Owner's Liability
  • Decrease in Liability & Increase in Owner's Liability
  • Increase in Liability & Decrease in Owner's Liability

Prepare accounting equation on the basis of the following:-
  • Harsha started business with cash Rs. 2,00,000/-
  • Purchased goods from Naman for cash Rs. 40,000/-
  • Sold goods to Bhanu (costing Rs. 10,000/-) Rs. 12,000/-
  • Bought furniture on credit Rs. 7,000/-
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