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Test: Recording Of Transactions - 2


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

Test: Recording Of Transactions - 2 for Commerce 2022 is part of Crash Course of Accountancy - Class 11 preparation. The Test: Recording Of Transactions - 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Recording Of Transactions - 2 MCQs are made for Commerce 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Recording Of Transactions - 2 below.
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Test: Recording Of Transactions - 2 - Question 1

Proprietor is a creditor of the business for ______

Test: Recording Of Transactions - 2 - Question 2

Difference between assets and liabilities is

Test: Recording Of Transactions - 2 - Question 3

Cash Memo is a

Test: Recording Of Transactions - 2 - Question 4

Additional capital introduced in the business will increase ____ and ____

Test: Recording Of Transactions - 2 - Question 5

Goods purchased on credit will increase the

Detailed Solution for Test: Recording Of Transactions - 2 - Question 5

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

Test: Recording Of Transactions - 2 - Question 6

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

Detailed Solution for Test: Recording Of Transactions - 2 - Question 6

Purchase book records credit purchases of goods only. Whenever goods are purchased, Purchases account is debited. In all cases of purchases, goods come into the business (as per the rule i.e. "Debit what comes in"), so purchases account has to be debited. The document on the basis of which purchase book is prepared is known as "Credit memo".

Test: Recording Of Transactions - 2 - Question 7

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

Test: Recording Of Transactions - 2 - Question 8

Transfer voucher is prepared for

Test: Recording Of Transactions - 2 - Question 9

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

Test: Recording Of Transactions - 2 - Question 10

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

Detailed Solution for Test: Recording Of Transactions - 2 - Question 10

Correct answer is D, because in double entry system every transaction has double effect, so when we collect money from our debtors by cheque, it will increase our bank balance and at the same time it also decrease debtors. so, simultaneously increase and decrease in assets with the same amount means no effect on assets and liabilities.

Test: Recording Of Transactions - 2 - Question 11

In which book credit sales of goods are recorded

Test: Recording Of Transactions - 2 - Question 12

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

Test: Recording Of Transactions - 2 - Question 13

Example of an assets is

Test: Recording Of Transactions - 2 - Question 14

Which of the following is not an assets

Test: Recording Of Transactions - 2 - Question 15

Which of the following is a liability

Test: Recording Of Transactions - 2 - Question 16

Which of the following statement is correct

Test: Recording Of Transactions - 2 - Question 17

Source of documents are

Test: Recording Of Transactions - 2 - Question 18

The final balance of purchase book is debited to :

Test: Recording Of Transactions - 2 - Question 19

The periodic total of purchases return journal is posted to :

Test: Recording Of Transactions - 2 - Question 20

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

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