11th Grade > Accountancy
RECORDING OF TRANSACTIONS 1 MCQs
Total Questions : 30
| Page 2 of 3 pages
Answer: Option B. -> Debit
:
B
Decrease in capital will be shown on debit side of capital account.
:
B
Decrease in capital will be shown on debit side of capital account.
Answer: Option C. -> Sales & Purchase Book
:
C
All the other options are other names for journal.
:
C
All the other options are other names for journal.
Answer: Option A. -> Customer`s/ Debtor account
:
A
Discount allowed reduces the assets i.e. debtors of the business & hence it is credited.
:
A
Discount allowed reduces the assets i.e. debtors of the business & hence it is credited.
Answer: Option C. -> Creditor
:
C
When goods are bought whether in cash or on credit, creditors account will be credited.
:
C
When goods are bought whether in cash or on credit, creditors account will be credited.
Answer: Option D. -> Sales
:
D
Sales is a revenue account, therefore increase in sales will be credited in sales account.
:
D
Sales is a revenue account, therefore increase in sales will be credited in sales account.
Answer: Option C. -> Liabilities
:
C
Income received in advance but not earned will appear in the balance sheet as a liability.
:
C
Income received in advance but not earned will appear in the balance sheet as a liability.
Answer: Option B. -> Car for personal use
:
B
An asset possess future economic benefits for the business & hence car for personal use is not an asset for business.
:
B
An asset possess future economic benefits for the business & hence car for personal use is not an asset for business.
Answer: Option B. -> Credited to cash account
:
B
Since the electricity expense has been paid , cash account is credited.
:
B
Since the electricity expense has been paid , cash account is credited.
Answer: Option A. -> Credit
:
A
Land is an asset of the entity, & hence to decrease the balance in land account, it is credited.
:
A
Land is an asset of the entity, & hence to decrease the balance in land account, it is credited.
Answer: Option C. -> Discount received
:
C
Discount received is a revenue & increase in revenue is always credited.
:
C
Discount received is a revenue & increase in revenue is always credited.
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