Test: Journal Entries - 1


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


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This mock test of Test: Journal Entries - 1 for Commerce helps you for every Commerce entrance exam. This contains 30 Multiple Choice Questions for Commerce Test: Journal Entries - 1 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Journal Entries - 1 quiz give you a good mix of easy questions and tough questions. Commerce students definitely take this Test: Journal Entries - 1 exercise for a better result in the exam. You can find other Test: Journal Entries - 1 extra questions, long questions & short questions for Commerce on EduRev as well by searching above.
QUESTION: 1

DEBIT signifies: 

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QUESTION: 2

 Bank overdraft account is a : 

Solution:

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

QUESTION: 3

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

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QUESTION: 4

Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use.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

Solution:

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.  

QUESTION: 5

Cash account is a 

Solution:

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.

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’. 

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QUESTION: 7

Debit the receiver and credit the giver is correct for. 

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QUESTION: 8

 Unexpired expenses is ______account. 

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QUESTION: 9

Recovery of bad debts written off previously will be ?

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QUESTION: 10

The rule regarding PERSONAL ACCOUNT is :

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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:

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QUESTION: 12

 The rent paid to landlord is credited to:

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QUESTION: 13

In case of bad debts, which account is credited?

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QUESTION: 14

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

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QUESTION: 15

Narration is given along with journal entry:

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QUESTION: 16

Which account is the odd one out?

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QUESTION: 17

 Salaries are : 

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QUESTION: 18

 Accounts payable : 

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QUESTION: 19

Proprietor account

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QUESTION: 20

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

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QUESTION: 21

 Bill payable account.

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QUESTION: 22

Building is :

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QUESTION: 23

Which of the following is a real account?

Solution:

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.

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: 

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QUESTION: 25

 Inventory.

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QUESTION: 26

Value of goods drawn by proprietor should be credited to:

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QUESTION: 27

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

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QUESTION: 28

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

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QUESTION: 29

Capital Account is a _________.

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QUESTION: 30

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

Solution:

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

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