CBSE Questions for Class 9 Elements Of Book Keeping And Accountancy Nature Of Accounts And Rules Of Debit And Credit Quiz 2 - MCQExams.com

The following comments each relate to the recording of journal entries. Which statement is true?
  • For any given journal entry. debits must exceed credits
  • It is customary to record credits on the left and debits on the right
  • The chart of accounts reveals the amount to debit and credit to the affected accounts
  • Journalization is the process of converting transactions and events into debit/credit format
Which of the following is not a subsidiary book?
  • Purchase Book.
  • Sales Book.
  • Bills Receivable Book.
  • Pass book.
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
______ describes a record of the transaction.
  • Income statement
  • Journal
  • General ledger
  • Charter of accounts
Voucher relates to ___________
  • Cash receipt and payments, credit transactions
  • Cash payment only
  • Credit transactions only
  • Cash receipt only
Which of the followings shows the chronological record of transactions ?
  • Journal
  • Ledger
  • Trial balance
  • None of these
Income tax paid is debited to ______________.
  • Trading account
  • Profit and Loss Account
  • Drawing Account
  • Cash Account
Accounting transactions of an organisation are documented using a _________.
  • Bill
  • Invoice
  • Voucher
  • None of these
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
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
Which of the following accounts have only credit balance?
  • Reserve Fund account
  • Capital account
  • Accounts payable account
  • All of these
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
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
Identified and measured economic events should be recorded in _________order.
  • Chronological order
  • Valuation  order
  • Relevance order
  • All of the above
Export Duty Account is __________.
  • Real
  • Personal
  • Nominal
  • None of the above
Life Insurance Premium A/c is _________.
  • Nominal
  • Personal
  • Real
  • None of the above
Credits may signify _________________.
  • Decrease in Assets
  • Increase in Liability
  • Increase in capital account
  • All of these
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
Mr. Kulkarni's Capital Account is a ____________ account.
  • Nominal
  • Real
  • Personal
  • None of the above
Freight Account is __________.
  • Real
  • Personal
  • Nominal
  • All of the above
Bank Charges Account is _____.
  • Real
  • Personal
  • Nominal
  • All of the above 
Goodwill Account is _________.
  • Nominal
  • Real
  • Personal
  • None of the above
Discount Account is_____.
  • Real
  • Personal
  • Nominal
  • All of the above
Accounts of property is __________.
  • Real
  • Personal
  • Nominal
  • None of the above
A cash memo is prepared and issued by__________.
  • Buyer
  • Seller
  • Customer
  • Public
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Practice Class 9 Elements Of Book Keeping And Accountancy Quiz Questions and Answers