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Test: Journal Entries - 1


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30 Questions MCQ Test Accountancy Class 11 | Test: Journal Entries - 1

Test: Journal Entries - 1 for Commerce 2022 is part of Accountancy Class 11 preparation. The Test: Journal Entries - 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Journal Entries - 1 MCQs are made for Commerce 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Journal Entries - 1 below.
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Test: Journal Entries - 1 - Question 1

DEBIT signifies: 

Test: Journal Entries - 1 - Question 2

 Bank overdraft account is a : 

Detailed Solution for Test: Journal Entries - 1 - Question 2

Bank Overdraft is an artificial Personal account, so will be classified as Personal Account.

Test: Journal Entries - 1 - Question 3

 Purchase of second- hand computer on credit by a cloth merchant will be recorded in:

Test: Journal Entries - 1 - Question 4

Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use. The account to be credited is 

Detailed Solution for Test: Journal Entries - 1 - Question 4

When the proprietor withdraws goods for personal use of Rs 10,000 it should be credited/deducted from the stock while calculating cost of goods sold and hence are deducted from purchases.  

Test: Journal Entries - 1 - Question 5

Cash account is a 

Detailed Solution for Test: Journal Entries - 1 - Question 5

Cash account can be classified as a real account. A real account is an account that retains and rolls forward its ending balance from period to period. The areas in the balance sheet in which real accounts are found are assets, liabilities, and equity.

Test: Journal Entries - 1 - Question 6

 ‘A’ owed Rs. 25,000 to ‘B’ ‘A’ becomes insolvent. ‘B’ got A’s computer valuing Rs. 11,500 in his full settlement. Journal Entry will be passed in the books of ‘B’. 

Test: Journal Entries - 1 - Question 7

Debit the receiver and credit the giver is correct for. 

Test: Journal Entries - 1 - Question 8

 Unexpired expenses is ______account. 

Test: Journal Entries - 1 - Question 9

Recovery of bad debts written off previously will be ?

Test: Journal Entries - 1 - Question 10

The rule regarding PERSONAL ACCOUNT is :

Test: Journal Entries - 1 - Question 11

Sunset Tours has a Rs. 3,500 account receivable from Mohan. On January 20, the Rotary makes a partial payment of Rs. 2100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:

Test: Journal Entries - 1 - Question 12

 The rent paid to landlord is credited to:

Test: Journal Entries - 1 - Question 13

In case of bad debts, which account is credited?

Test: Journal Entries - 1 - Question 14

Capital of business is Rs. 75,000 and liability is Rs. 25,000 then total assets of business would be: 

Test: Journal Entries - 1 - Question 15

Narration is given along with journal entry:

Test: Journal Entries - 1 - Question 16

Which account is the odd one out?

Test: Journal Entries - 1 - Question 17

 Salaries are : 

Test: Journal Entries - 1 - Question 18

 Accounts payable : 

Test: Journal Entries - 1 - Question 19

Proprietor account

Test: Journal Entries - 1 - Question 20

 “Debit the receiver and credit the giver” is the golden rule for which type of account?

Test: Journal Entries - 1 - Question 21

 Bill payable account.

Test: Journal Entries - 1 - Question 22

Building is :

Test: Journal Entries - 1 - Question 23

Which of the following is a real account?

Detailed Solution for Test: Journal Entries - 1 - Question 23

Cash account is a real account. Real accounts show up on a company's balance sheet, which is the financial statement that lists all the accounts that a company has and their balances.

Test: Journal Entries - 1 - Question 24

A diamond ring worth Rs. 1,00,000 was stolen from the shop of M/s Shine Jewellers during the accounting year 2011-12. Insurance claim of Rs. 60,000 was admitted by the insurance company but not disbursed up to the end of the accounting year. In this regard no entry was passed in the books of accounts. The correct journal entry for preparing the final accounts for the year ended 31st March 2012, would be: 

Test: Journal Entries - 1 - Question 25

 Inventory.

Test: Journal Entries - 1 - Question 26

Value of goods drawn by proprietor should be credited to:

Test: Journal Entries - 1 - Question 27

If wages are paid for construction of business premises, ________ A/c is credited and ____ A/c is debited. 

Detailed Solution for Test: Journal Entries - 1 - Question 27

If wages are paid for construction of business premises the amount of wages will be debited to the premises account because, according to IFRS, any expense that brings the asset to use or brings the asset in existence should be added to the cost of that machinery. 

Cash account is credited because cash is being paid for incurring the wages.

Test: Journal Entries - 1 - Question 28

 A withdrawal of cash from business by the proprietor should be credited to:

Test: Journal Entries - 1 - Question 29

Capital Account is a _________.

Test: Journal Entries - 1 - Question 30

In Double Entry System of Book-keeping every business transaction affects:

Detailed Solution for Test: Journal Entries - 1 - Question 30

Every business transaction affects at least two accounts, our accounting system is known as a double-entry system.

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