Test: Recording Of Transactions - 2
20 Questions MCQ Test Crash Course of Accountancy - Class 11 | Test: Recording Of Transactions - 2
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Proprietor is a creditor of the business for ______
Additional capital introduced in the business will increase ____ and ____
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
In Purchase book goods purchased on .........are recorded.
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".
In all circumstances Assets will be always equal to _____ + ______
The company pays its creditors by cheque. What is the effect on assets and liabilities
The company has collected money from its debtors by cheque.What is the effect on assets and liabilities
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.
In which book credit sales of goods are recorded
Which document evidencing that the account of the named person is debited for the reason stated therein
The final balance of purchase book is debited to :
The periodic total of purchases return journal is posted to :
Which voucher is prepared for the payment of salary, purchase of goods, payment made to any creditor etc.
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