11th Grade > Accountancy
RECORDING OF TRANSACTIONS 1 MCQs
Total Questions : 30
| Page 1 of 3 pages
Answer: Option A. -> Credit
:
A
The accountant's word to indicate that an entry will be recorded on the right-side of an account is credit.
:
A
The accountant's word to indicate that an entry will be recorded on the right-side of an account is credit.
Answer: Option B. -> Debit side of Creditor`s ledger
:
B
The payment to a creditor will be shown on Debit side of Creditor`s ledger .
:
B
The payment to a creditor will be shown on Debit side of Creditor`s ledger .
Answer: Option A. -> Credit
:
A
Increase in liability will be recorded in credit side of liability account
:
A
Increase in liability will be recorded in credit side of liability account
Answer: Option C. -> Ledger is a book of primary entry in which transactions are recorded for the first time
:
C
Ledger is a book of secondary entry in which transactions are recorded after their entry into journal.
:
C
Ledger is a book of secondary entry in which transactions are recorded after their entry into journal.
Answer: Option A. -> Assets column
:
A
The standard format of journal does not include the Assets column.
:
A
The standard format of journal does not include the Assets column.
Answer: Option B. -> Double Entry Book Keeping
:
B
Double Entry Book Keeping accounting concept uses the rules " Every transaction effects two or more ledger accounts".
:
B
Double Entry Book Keeping accounting concept uses the rules " Every transaction effects two or more ledger accounts".
Answer: Option A. -> Entries on right hand side
:
A
Credit in ledger means " Entries on right hand side".
:
A
Credit in ledger means " Entries on right hand side".
Answer: Option C. -> Journal
:
C
A ledger is prepared from Journal.
:
C
A ledger is prepared from Journal.
Answer: Option A. -> Drawings A/c Dr
To Cash A/c
:
A
The correct entry would be
DrawingsA/cDr
To Cash A/c
:
A
The correct entry would be
DrawingsA/cDr
To Cash A/c
Answer: Option B. -> Salary Account
:
B
Salary account is debited in case of payment of salaries to employees.
:
B
Salary account is debited in case of payment of salaries to employees.
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