11th Grade > Accountancy
RECORDING OF TRANSACTIONS 2 MCQs
Total Questions : 30
| Page 1 of 3 pages
Answer: Option B. -> Credit
:
B
Sales account is always credited & the total of Sales book is posted to the Credit of sales account.
:
B
Sales account is always credited & the total of Sales book is posted to the Credit of sales account.
Answer: Option D. -> Land account
:
D
Land account is debited on purchase of land from the proceeds of a bank loan.
:
D
Land account is debited on purchase of land from the proceeds of a bank loan.
Answer: Option D. -> Cash sales & purchases
:
D
Sales & purchase journal don't record cash sales & purchases.
:
D
Sales & purchase journal don't record cash sales & purchases.
Answer: Option D. -> Sales Return Journal
:
D
A sales return journal records the goods returned by customers.
:
D
A sales return journal records the goods returned by customers.
Answer: Option B. -> Payments
:
B
Payment of rent expenses is recorded on Payments side of cash book.
:
B
Payment of rent expenses is recorded on Payments side of cash book.
Answer: Option C. -> Bank account
:
C
The bank account shall be credited in this case.
:
C
The bank account shall be credited in this case.
Answer: Option A. -> Debit
:
A
If the total of the debit side exceeds the total of credit side, then this would be represented by a debit balance.
:
A
If the total of the debit side exceeds the total of credit side, then this would be represented by a debit balance.
Answer: Option D. -> Supplier`s accoount
:
D
Supplier`s account shall be debited in such a case.
:
D
Supplier`s account shall be debited in such a case.
Answer: Option C. -> Sales
:
C
Only permanent accounts are balanced and carried forward to next accounting period. Temporary accounts will not be balanced.
:
C
Only permanent accounts are balanced and carried forward to next accounting period. Temporary accounts will not be balanced.
Answer: Option A. -> Debit
:
A
Purchase account is always debited with the amount of purchases & the total of purchasebook is posted to the debit of purchase account.
:
A
Purchase account is always debited with the amount of purchases & the total of purchasebook is posted to the debit of purchase account.
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