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Test: Journal Entries - 3

30 Questions MCQ Test Crash Course of Accountancy - Class 11 | Test: Journal Entries - 3

Description

Attempt Test: Journal Entries - 3 | 30 questions in 30 minutes | Mock test for Commerce preparation | Free important questions MCQ to study Crash Course of Accountancy - Class 11 for Commerce Exam | Download free PDF with solutions

QUESTION: 1

Proprietor’s Account is ________Account.

A.
Real
B.
Nominal
C.
Personal
D.
None of these

Solution:

QUESTION: 2

Cash account is a

A.
Personal account
B.
Real account
C.
Nominal account
D.
None of the above.

Solution:

QUESTION: 3

The Rule ‘Debit all expenses & losses and Credit all incomes & gains’ relates to:

A.
Personal Account
B.
Real Account
C.
Nominal Account
D.
None of these

Solution:

QUESTION: 4

Equipments are :

A.
Revenue
B.
Expense
C.
Asset
D.
Liability

Solution:

QUESTION: 5

Goods worth Rs. 10,000 were withdrawn by the proprietor for his personal use.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

A.
Sales A/c
B.
Drawing A/c
C.
Purchases A/c
D.
Expenses A/c

Solution:

QUESTION: 6

In case of a debt becoming bad and doubtful, the amount is credited to _________?

A.
Bad Debts A/c
B.
Creditors A/c
C.
Debtors A/c
D.
Capital A/c

Solution:

When a debt becomes bad and doubtful the following entry is passed:
Bad Debts A/c Dr.
To Debtors A/c
( Being bad debts written off)

QUESTION: 7

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

A.
Drawing account
B.
Capital account
C.
Cash account
D.
Purchase account

Solution:

QUESTION: 8

Narration is given along with journal entry:

A.
To signify the impact of entry on profitability.
B.
To disclose the profit or loss of the transaction.
C.
To give a precise explanation for proper understanding of the entry.
D.
To secretly understanding the inner meaning of entries.

Solution:

QUESTION: 9

Recovery of bad debts written off previously will be ?

A.
Credited to debtors A/c
B.
Adjusted against provision for doubtful debts
C.
Debited to debtors A/c
D.
Credited to Profit and Loss A/c

Solution:

QUESTION: 10

Provision for bad-debts as on 1.4.08 Rs. 1,000, during the year 2008-09 there were no bad-debts and debtors as on 31.3.09 were Rs. 90,000. Provision for bad-debts required @ 1% which of the following journal Entry will be passed on 31.3.09?

A.
P & L A/c Dr. 100
To Provision for Doubtful debts 100
B.
Provision for Doubtful debts Dr. 100
To P&L A/c 100
C.
P & L A/c Dr. 900
To Provision for Doubtful debts 900
D.
No entry will be passed.

Solution:

QUESTION: 11

Profit is :

A.
Revenue
B.
Expense
C.
Asset
D.
Owner Capital

Solution:

QUESTION: 12

Inventory.

A.
Revenue
B.
Expense
C.
Asset
D.
Liability

Solution:

QUESTION: 13

Outstanding Salary is a :

A.
Real account
B.
Personal account
C.
Representative personal
D.
Nominal account

Solution:

QUESTION: 14

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

A.
Rs. 1,00,000
B.
Rs. 15,000
C.
Rs. 75,000
D.
Rs. 50,000

Solution:

QUESTION: 15

Which account is the odd one out?

A.
Office furniture & Equipment
B.
Freehold land and Buildings
C.
Inventory of materials
D.
Plant and Machinery

Solution:

QUESTION: 16

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

A.
Journal
B.
Cash Book
C.
Purchase Book
D.
None of the above

Solution:

QUESTION: 17

Rs. 1500 withdrawn for personal use should be debited to ______

A.
Expense Account
B.
Purchases Account
C.
Sales Account
D.
Drawings Account

Solution:

QUESTION: 18

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

A.
Rs. 1,00,000
B.
Rs. 15,000
C.
Rs. 75,000
D.
Rs. 50,000

Solution:

QUESTION: 19

Outstanding Salary is a :

A.
Real account
B.
Personal account
C.
Representative personal
D.
Nominal account

Solution:

QUESTION: 20

Debit the expenses or losses, credit all incomes and gains, is the rule for:

A.
Real Account
B.
Personal Account
C.
Nominal Account
D.
All of the above

Solution:

QUESTION: 21

Value of goods drawn by proprietor should be credited to:

A.
Capital Account
B.
Sales Account
C.
Drawings Account
D.
Purchases Account

Solution:

QUESTION: 22

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

A.
Two accounts
B.
Two sides of the same accounts
C.
The same account on two different dates
D.
All of the above

Solution:

QUESTION: 23

Recovery of bad debts written off previously will be ?

A.
Credited to debtors A/c
B.
Adjusted against provision for doubtful debts
C.
Debited to debtors A/c
D.
Credited to Profit and Loss A/c

Solution:

QUESTION: 24

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

A.
Sales A/c
B.
Drawing A/c
C.
Purchases A/c
D.
Expenses A/c

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: 25

Equipments are :