Test: Recording Of Transactions - 2


20 Questions MCQ Test Crash Course of Accountancy - Class 11 | Test: Recording Of Transactions - 2


Description
This mock test of Test: Recording Of Transactions - 2 for Commerce helps you for every Commerce entrance exam. This contains 20 Multiple Choice Questions for Commerce Test: Recording Of Transactions - 2 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Recording Of Transactions - 2 quiz give you a good mix of easy questions and tough questions. Commerce students definitely take this Test: Recording Of Transactions - 2 exercise for a better result in the exam. You can find other Test: Recording Of Transactions - 2 extra questions, long questions & short questions for Commerce on EduRev as well by searching above.
QUESTION: 1

Proprietor is a creditor of the business for ______

Solution:
QUESTION: 2

Difference between assets and liabilities is

Solution:
QUESTION: 3

Cash Memo is a

Solution:
QUESTION: 4

Additional capital introduced in the business will increase ____ and ____

Solution:
QUESTION: 5

Goods purchased on credit will increase the

Solution:

Purchases is an expense of the business – so it decreases the profit (and hence the equity) and if it is on credit then it increases the liability.

Separately, if any of the purchases are unsold then we have inventory.
If we have inventory then this is an asset so assets increase and profit (so equity) also increases

QUESTION: 6

In Purchase book goods purchased on .........are recorded.

Solution:
QUESTION: 7

In all circumstances Assets will be always equal to _____ + ______

Solution:
QUESTION: 8

Transfer voucher is prepared for

Solution:
QUESTION: 9

The company pays its creditors by cheque. What is the effect on assets and liabilities

Solution:
QUESTION: 10

The company has collected money from its debtors by cheque.What is the effect on assets and liabilities

Solution:
QUESTION: 11

In which book credit sales of goods are recorded

Solution:
QUESTION: 12

Which document evidencing that the account of the named person is debited for the reason stated therein

Solution:
QUESTION: 13

Example of an assets is

Solution:
QUESTION: 14

Which of the following is not an assets

Solution:
QUESTION: 15

Which of the following is a liability

Solution:
QUESTION: 16

Which of the following statement is correct

Solution:
QUESTION: 17

Source of documents are

Solution:
QUESTION: 18

The final balance of purchase book is debited to :

Solution:
QUESTION: 19

The periodic total of purchases return journal is posted to :

Solution:
QUESTION: 20

Which voucher is prepared for the payment of salary, purchase of goods, payment made to any creditor etc.

Solution: