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CBSE Questions for Class 11 Commerce Accountancy Recording Of Transactions - Ii Quiz 10 - MCQExams.com
CBSE
Class 11 Commerce Accountancy
Recording Of Transactions - Ii
Quiz 10
The total amount column of the sales return book is ____________.
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Credited to purchases returns account
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Debited to sales return account
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Credited to sales return account
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Debited to purchases returns account
Explanation
The total amount column of the sales return book is
Debited to sales return account
Sold goods for 90,000 to Mr. Z on credit will be recorded in _______________.
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Sales Book
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Purchase Book
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Journal Proper (General Journal)
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Cash Book
Explanation
In Sales Book, all the credit sales transactions are recorded.
The Journal Entry for the above transaction is
Mr Z a/c Dr.
To Sales a/c
(Being goods sold on credit to Mr Z)
Sold goods for 90,000 to Mr Z on credit will be recorded in the sales book as it is a credit sales.
Opening, closing and adjustment entries are recorded in _______________.
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Purchase Book
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Sales Book
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Petty Cash Book
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Journal Proper
Explanation
Journal Proper is a subsidiary book, it is also known as book of original entry.
Journal Proper
records those transactions that are not recorded in any other book (Sales book, Purchases Book, Sales return Book, Purchase return book etc)
Therefore, Opening, Closing and adjustment entries are recorded in
Journal Proper.
Purchased goods from Shyam worth $$Rs.50,000$$ on credit basis will be recorded in ___________.
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purchase book
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bills payable book
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sales book
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purchase return book
Explanation
Purchase book also known as purchase journal is an accounting ledger in which all credit purchases of trading goods are recorded.
For example: purchased goods for $$Rs. 10,000$$ from Ram on credit will be recorded in purchase day book.
Investment was sold on credit for 1,00,000 at par will be recorded in _______________.
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Cash book
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General journal
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Purchases return book
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Purchase book
Explanation
A book is maintained to record transaction, which do not find place in special journals, is known as journal proper or journal residual.
Therefore, B is the correct option.
A second hand motor car was purchased on credit from B & Co. 10,It will be recorded in ________________.
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Journal Proper (General Journal)
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Cash Book
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Purchase Book
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Sales Book
Explanation
A journal proper is the book of original entry in which only those entries are recorded that cannot be recorded in the special journal. It is also termed as a General Journal. When the journal is divided into various subsidiary books, it remains only a residuary book in which only those transactions are recorded that cannot be recorded in any other subsidiary book. In such a case, the journal is called as Journal proper. Purchase of asset on credit can neither be recorded in the cash book or the purchase book because cash book only records cash transactions and purchase book only records the credit purchase of goods. Thus purchase and sale or return of purchased or sale asset on credit is recorded in journal proper. In our question a second hand motor car is purchased on credit which is fixed asset hence, it will be recorded in Journal proper.
Hence a is the correct answer.
Cash column of a Cash-book may show a Debit or Credit Balance.
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True
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False
Explanation
Cash always have debit balance.
Cash Book is a subsidiary book that records all the cash receipts and cash payments. The Balance of the Cashbook can never be credit as it always has a debit balance or zero balance.
There are mainly Four types of Cash Books
1. Simple Cashbook
2. Two-column Cash Book
3.
Three Column Cash Books.
4. Petty Cash Book
A contra entry in the Cash Book means that:________.
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Debit must be in the Bank Account and the credit in the Cash Account
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Debit and credit entries are in any folio but in the Cash Book
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Debit and credit entries are on the same folio of the Cash Book
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Debit must be in the Cash Account and the credit in the Bank Account
Explanation
Contra entry can be:
1.Bank A/c Dr...
To Cash A/c
or
2.Cash A/c Dr...
To Bank A/c
Credit and Debit entries are both taken into consideration into the cash book and not necessarily only bank or only cash entries are reflected.
Credit purchase of stationery worth $$Rs.5,000$$ by a stationery dealer will be recorded in ___________.
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Journal proper (general journal)
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Cash book
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Purchase book
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Sales book
Explanation
Purchase book is an accounting ledger in which all credit purchase of trading goods are recorded. Two most important requirement for recording entry in purchase book are:
1. Purchase must be on credit
2. Purchase must be of trading goods.
Therefore, in the given question credit purchase of stationery will be recorded in purchase book. as the purchaser deals in stationery.
Opening entries are generally passed through ____________.
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general journal
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purchase journal
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profit & loss A/c
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suspense A/c
Explanation
There are special purposes books in accounting system for some transactions such as for credit purchase entries are made in purchase book, for credit sales entries are made in sale book, cash transactions are recorded in cash book etc. Still there are some left over transactions which are not suitable for these special purpose books and hence these transactions are recorded in general journal or journal proper. Example of such transactions are opening entries, entries for discount given or allowed etc.
Which of the following by is incorrect?
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Every payment made by the petty cashier should be supported by evidence.
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Regularly petty cashier is reimbursed to make up his cash balance to the imprest.
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The petty cash book could be either a subsidiary book or a main book of accounts.
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In emergency the petty cashier may give staff loans of small amounts.
Explanation
The amount of petty cash very small therefore, it can not be used for giving loans.
Which of the following is type of cash receipt journal + cash payment journal?
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Bank statement
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Statement of cash flow
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Cash book
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Cash documents
Explanation
A cash book is a statement which records all the cash receipts and cash payments of the business transactions. Recording of cash transactions is done in cash book from the very inception. Therefore, cash book is said to be the journal of recording cash receipts and payments.
Which of the following is a double column cash book?
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One column for cash and another for bank
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One column for cash and another for discount
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One for bank and another for discount
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All of the above
Explanation
A double column cash book contains
One column for cash and another for bank
Outstanding salary of $$Rs.34,000$$ to be provided in the accounts will be recorded in ____________.
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bills receivable book
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journal proper (general journal)
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purchases return book
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purchase book
Explanation
There are special purpose books in accounting system for some transactions such as for credit purchase entries are made in purchase book, for credit sales entries are made in sale book, cash transactions are recorded in cash book etc. Still there are some left over transactions which are not suitable for these special purpose books and hence these transactions are recorded in general journal or journal proper. Example of such transactions are opening entries, entries for discount given or allowed, outstanding salary etc.
Therefore, outstanding salary of $$Rs. 34,000$$ to be provided in general proper.
Goods were sold on credit to Mr. Ram for 10,It will be recorded in __________________.
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Journal Proper (General Journal)
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Cash Book
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Purchase Book
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Sales Book
Explanation
Sales Book is a
subsidiary book
that records all the
credit sales transactions
.
Therefore, No cash sales are recorded in the
Sales Book
Goods were sold on credit to Mr Ram for 10,000. It will be recorded in Sales Book as it is a
credit transaction.
State with reasons whether the following statement is true or false:
Petty cash is an expense.
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True
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False
Explanation
Petty cash is total amount of petty
cash
balance
Maintaining petty cash book is ______.
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Mandatory
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Necessary
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Dependant on nature of business
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All of the above
Explanation
Petty cash book - This is used to record petty expenses like postage. cartage. printing and stationery etc in the day to day business activities.
In big organisation, it is not possible to maintain petty expenses for main cashier. In small organisation the number of petty Expenses is less so such a book can be maintained by cashier. Maintaining such a book is not compulsory.
So, maintaining petty cash book is dependent on nature of business.
Which book of prime entry is also a ledger account?
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Cash Book
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Journal
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Purchases journal
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Sales Journal
Explanation
Cash book is a unique kind of subsidiary book. It plays a dual role. It acts as the book of original entry or prime entry and also as ledger. It is a subsidiary book because entries are first posted in the cash book and then, from there, it is posted in other ledger accounts.
State with reasons whether the following statement is true or false:
Error of carry forward of totals of Purchase Journal affects two accounts.
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True
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False
Explanation
False. Error of carry forward of totals of purchase journal will only affect one account i.e., it will affect only Purchase journal.
State with reasons whether the following statement is true or false:
The balance in the Cash Book shows net income.
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True
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False
Explanation
The balance of cash book shows the net cash balance.
Cash Book is a subsidiary book that records all the cash receipts and cash payments. The Balance of the Cashbook can never be credit as it always has a debit balance or zero balance.
There are mainly Four types of Cash Books
1. Simple Cashbook
2. Two-column Cash Book
3.
Three Column Cash Books.
4. Petty Cash Book
State with reasons whether the following statement is true or false:
Discount account should be balanced in the Cash Book.
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True
0%
False
Explanation
Discount account is never balanced in cash book.
Cash Book is a subsidiary book that records all the cash receipts and cash payments. The Balance of the Cashbook can never be credit as it always has a debit balance or zero balance.
There are mainly Four types of Cash Books
1. Simple Cashbook
2. Two-column Cash Book
3.
Three Column Cash Books.
4. Petty Cash Book
State with reasons whether the following statement is true or
false:
The balance in the petty cash book represents the amount spent.
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True
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False
Explanation
The balance in the petty cash book represents the cash balance
A cheque is deposited with the bank is recorded as
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Bank pass book will be credited
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Bank pass book will be debited
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Bank's column in cask book is debited
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Bank's column in cask book is credited
Explanation
A cheque is deposited with the bank implies that the bank balance will increase therefore it will be recorded in the bank column of the cash book.
When there is bank column in the cash book then it is either Double Column Cash Book or Three Column Cash Book.
It will be recorded on the debit side in the bank column of the Double column or Three column cash book.
The process of balancing of an account involves equalization of both sides of the account. If the debt side of an account exceeds the credit side, the difference is put on the credit side. The said balance is -
(i) A debit balance
(ii) A credit balance
(iii) An expenditure or an asset
(iv) An income or a liability
Select the correct answer from the options given below -
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Only (ii) above
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Only (iv) above
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Both (i) and (iii) above
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Both (ii) and (iii) above
What is an analytical petty cash book?
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Petty cash book formed in columnar form
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Petty cash book formed in tabular form
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Petty cash book formed In arithmetic form
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None of the above
Explanation
When petty cash book formed in columnar form then it is known as Analytical Petty Cash Book.
In which of the book cash purchase is recorded?
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Cash book
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Purchase book
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Both (a) and (b)
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None of these
Explanation
The Journal Entry for Cash purchases is
Purchases a/c Dr.
To Cash A/c
(Being Goods purchased for cash)
As it is cash purchase so, it will impact cash therefore, it will be recorded in the cash book.
In which book does the cash sales will be recorded?
Report Question
0%
Cash Book
0%
Purchase Book
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General Journal
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Sales Book
Explanation
Cash book is a journal in which all cash receipts and payments (including bank deposits and withdrawals) are recorded first, in chronological order, for posting to general ledger. Cash book is regularly reconciled with the bank statements as an internal auditing measure. It is used to record all the receipts and payments of cash.
Purchase book records signify :
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All purchases made by the firm
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All purchases of fixed asset used by the firm
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Credit purchases of goods dealt in by the firm
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Cash purchases of goods dealt in by the firm
Explanation
Purchase Day book or a Purchase Register is the book of original entry in which all the transactions relating to only credit purchase are recorded. Cash purchases do not find place in purchase day book as they are recorded in Cash book.
A General Cash book acts as a __________.
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Journal
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Ledger
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Both
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None
Explanation
A cashbook is a book of prime entry in which cash and bank transactions of business are recorded. It acts as a book of original entry and a ledger. Hence, it is both Journal and Ledger.
The imprest system pertains to ______________.
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Purchase book
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Cash book
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Sales book
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Petty cash book
Explanation
The imprest system is an accounting system for paying out and subsequently replenishing petty cash. A cashier maintaining petty cash is given a definite sum of money in the beginning of a period and is reimbursed for payments made at the end of the period. Thus, he will have again the fixed amount in the beginning of the new period. This system is known as the imprest system of petty cash book.
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