CBSE Questions for Class 11 Commerce Accountancy Recording Of Transactions - Ii Quiz 13 - MCQExams.com

A sent some goods costing Rs. 10,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing Rs.2,At the end of the accounting period, the remaining goods were neither returned nor were approved by him. The stock on approval will be shown in the balance sheet at Rs. ____________.
  • Rs. 6,000
  • Rs. 8,100
  • Rs. 6,075
  • Rs. 10,500.
Under Sales on Return or approval basis when the transactions are few and the seller sends the goods on approval or return basis, the accounting treatment will be __________________.
  • No Journal Entry
  • Entry in Sales or Return Journal
  • Entry in Sales or Return Day Book
  • Sundry Debtors A/c Dr.

    To Sales A/c
A cheque of 3500 received from P. K. Jain a customer, endorsed in favour of P. C. Jain, a supplier. It is to be recorded in _________.
  • Three Column Cash Book.
  • Journal Proper.
  • Bills Receivable Book.
  • None of the above.
When sales or return day book and sales or return ledger are maintained and the goods are sent to the customers on sale or return basis, these are recorded:
  • Initially in the Sale or Return Day Book. Thereafter in the Sale or Return Leger.
  • Only in the Sale or Return Day Book
  • Only in the Sales Day Book
  • Both in Sale or Return Day Book and Sales Day Book.
Which of the following pairs of accounts will have their balances on the same side?
  • Carriage Inwards account and Carriage Outwards account
  • Sales account and Returns Inwards account
  • Purchases account and Returns Outwards account
  • Capital account and drawings account
Cheques received but deposited on the next day are recorded in:
  • Cash column of the cash book
  • Bank column of the book
  • Both of these
  • None of these
Which of the following account(s) will be affected while rectifying the following error?
Sales to Ram Rs.336 recorded in the books of original entry as Rs.363.
  • Sales Account
  • Ram's Account
  • Cash Account
  • Both Sales and Ram's Account
Narration is given along with journal entry _____________.
  • To signify the impact of entry on profitability
  • To disclose the profit or loss of the transaction.
  • To give a precise explanation
  • To secretly understanding the inner meaning of entries
Postage stamps purchased for Rs. 30 by business. This transaction will be recorded in ________________.
  • Purchase book
  • Cash book
  • Petty cash book
  • Journal
In petty cash book, the system followed ______________.
  • Accrual system
  • Imprest system
  • Cash system
  • None of these
If the debit and credit aspects of a transaction are recorded in the cash book it is a:
  • Contra entry
  • Simple entry
  • Double entry
  • Single entry

The primary book wherein the money received from head cashier and the amount of expenditure for a particular period of an organization are recorded in chronological order of dates in separate money columns of both sides, is called ______________  cash book.
  • Analytical Petty cash book
  • Columnar petty cash book
  • Imprest petty cash book
  • Single column cash book
Petty cash book is considered as memorandum book.
  • True
  • False
When Petty Cash is advanced to the Petty Cashier, the main cashier will record it on the debit side of Cash Book.
  • True
  • False

M/s Delhi Stationers purchase 1,000 pieces of cover file @ Rs. 275 perThe wholesaler offered 5% sales tax on net price. Transport charges were Rs.The purchase price per piece of cover file will be ________.
  • Rs.2793.13
  • Rs. 279.31
  • Rs. 27.93
  • Rs. 2.9375

Atul purchased goods costing Rs. 50,000 at an invoice price, which is 50% above cost. On invoice price he enjoyed 15% trade discount and Rs.3,750 cash discount on cash payment of goods in lump sum at the time of purchase. The purchase price to be recorded in the books before cash discount will be _______.
  • Rs. 75,000
  • Rs. 60,000
  • Rs. 63,750
  • Rs. 50,000
Companies whose main business is not financing or lending are permitted to accept deposits under section 45(s) of RBI Act only from.
  • Public
  • Relatives in the from of loans
  • Friends
  • All of the above
Which of the following is the largest online travel service?
  • Travelocity
  • Orbitz
  • Priceline
  • Expedia
Debiting the petty cash book with the exact amount spent in the previous period is an example of _______________.
  • Contra entry
  • Imprest system
  • Going concern
  • Prudence
Petty cashier records petty cash received on debit side.
  • True
  • False
Which of the following statement is false?
The petty cash book  ____________. 
  • Is a book of prime entry
  • Records cheques paid and received
  • Is written up using petty cash receipts and petty cash vouchers
  • Records cash received and paid
Total of the total payment column in the petty cash book is ________ to petty cash account.
  • debited
  • credited
  • deducted
  • none of these
An instrument of qualitative credit control in India is __________.
  • Open Market Operation
  • Credit Rationing
  • Charge in reserve ratio
  • Bank rate policy
A____ serves the purpose of both journal and ledger accounts.
  • Journal proper
  • Purchase day book
  • Cash book
  • Any of the above
Total purchases are posted to the ________ at the end of a week or a month.
  • Journal
  • General Account
  • Purchase Account
  • None of These
A person shall not be appointed as Director if he is found to be of unsound mind by _____________.
  • the company
  • the company court
  • a court of competent jurisdiction and the finding is in force
  • the shareholder
The number of subordinates a superior can effectively handle is called ______________.
  • Cooperation
  • Coordination
  • Supervision
  • Span of control
Those transactions for which there is no separate book, are recorded in the __________.
  • Cash book
  • Bills receivable book
  • Bills payable book
  • Journal Proper
A positive exposure will lead to when the currency of the subsidiary company appreciates.
  • Translation gain
  • Translation loss
  • Exchange gain
  • Exchange loss
The entries in the purchase returns book are based on ____________ issued by the concern.
  • debit note
  • credit note
  • goods returned note
  • none of these
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers