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Recording Of Transactions (MCQs)
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Recording Of Transactions (MCQs)
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23 Questions

1. What are total number of subsidiary books available to record financial transactions?
2. Name the transaction that is recorded in both sides of Cash book simultaneously.
3. A compound Journal entry_____
4. Which account will be debited in case Life insurance premium is paid by proprietor from business cash?
5. The bad debts written off as bad, if recovered subsequently, should be credited to______
6. Which account will be debited in case wages are paid for installation of machinery?
7. Which of the following account will be credited on giving cash donations?
8. The Sales Return Book always has______balance
9. It is system of paying advance in the beginning and reimbursing the amount spent from time to time to the petty cashier.
10. Purchase of machinery on credit is recorded in_______
11. The balance in Petty Cash Book is______
12. Anil, the Petty Cashier of Ebony, has an imprest of Rs.5,000 out of which he pays for petty expenses. He submits the details of payments every 15 days which is reimbursed to him. He submitted the details for 15 days that ended on 15th April, 2012 amounting to Rs. 4,900. He has with him unpaid expense vouchers amounting to Rs.2,200. How much amount should be paid to him?
13. Journal proper includes entries related to______
14. While passing an opening entry, all the assets are______while all the liabilities are_____
15. In Journal Proper, only_____discount is recorded.
16. The weekly or monthly total of purchase book is recorded to the__________
17. A ledger is called a book of____
18. Name an asset which is also a liability?
19. The Sales Book is a part of:
20. A credit balance in Bank column of cash book indicates_______
21. A ledger is prepared from____
22. Cash Book cannot have negative balance, i.e., payments cannot be______Cash in hand?
23. All the indirect expenses are closed to_____

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