CBSE Class 11 Accountancy Recording of Transactions - II MCQs Set 04

Question: Mohit paid Rs 9,800 in settlement of his account of Rs 10,000. Discount Allowed will be recorded in:
a) Cash Book
b) Journal Book
c) Both Cash Book and Journal
d) None of the options
Answer: b

Question: Opening entry is recorded:
a) In the beginning of the accounting year
b) At the closing of the accounting year
c) In the middle of the accounting year
d) None of the options
Answer: a

Question: On inter-state sale of goods, GST charged is:
a) CGST
b) IGST
c) SGST
d) Any of the options
Answer: b

Question: The balance of bank column of cash book always shows a ……………. balance:
a) Debit
b) Credit
c) Either Debit or Credit
d) Neither Debit nor Credit
Answer: c

Question: Purchase book is used to record:
a) Purchases of goods
b) Credit Purchases of goods
c) Credit Purchases of asset
d) All credit Purchases
Answer: b

Question: Journal is called a book of:
a) Primary entry
b) Secondary entry
c) Final entry
d) None of the options
Answer: a

Question: The total of the Sales Book is posted to:
a) Credit of the Sales Account
b) Credit of the Purchases Account
c) Credit of the Capital Account
d) Credit of Customers’ Accounts
Answer: a

Question: A separate column is made for ‘Credit Note No.’ in:
a) Purchases Book
b) Sales Book
c) Purchases Return Book
d) Sales Return Book
Answer: d

Question: In the Purchases Book the record is in respect of:
a) Cash purchases of goods dealt in
b) Credit purchases of goods dealt in
c) All purchases of goods dealt in
d) None of the options
Answer: b

Question: How many accounts are affected in a transaction?
a) Only one
b) Only Two
c) At least two
d) Two or Three
Answer: c

Question: Recording is made in purchases book:
a) After deducting trade discount
b) After adding trade discount
c) After deducting cash discount
d) After adding cash discount
Answer: a

Question: When goods are lost by fire then Loss of Goods by Fire Account is debited with:
a) Cost of goods sold
b) Cost of goods sold plus Gross Profit
c) Cost of goods sold less Gross Profit
d) Cost of goods purchased
Answer: d

Question: Ledger is a book in which:
a) Real and Nominal Accounts are maintained
b) Real and Personal Accounts are maintained
c) Real, Personal and Nominal Accounts are maintained
d) Personal and Nominal Accounts are maintained
Answer: c

Question: Total of Sales Return Column in the Sales Return Book is posted to:
a) Sales A/c — Debit
b) Sales A/c — Credit
c) Sales Return A/c — Debit
d) Sales Return A/c — Credit
Answer: c

Question: The process of transferring the transactions from the Journal to the ledger is called:
a) Journalising
b) Posting
c) Balancing
d) Costing
Answer: b

Question: In case a lesser amount is recorded in the sales invoice by mistake, then a __________ is sent:
a) Debit Note
b) Credit Note
c) Cash Note
d) Debit or Credit Note
Answer: a

Question: Goods taken away by the proprietor from business for his personal use will be recorded in:
a) Purchases Book
b) Sales Book
c) Purchases Return Book
d) Journal Proper
Answer: d

Question: Posting of transactions means:
a) entering transactions in Journal
b) entering transactions in Ledger
c) entering transactions in Trial Balance
d) entering transactions in Financial Statements
Answer: b

Question: The balance of the sales column in the sales day book is Rs.30,000. Rs.5,000 were recovered from debtors. Then the balance of the sales column will be transferred by which amount?
a) Rs.25,000
b) Rs.30,000
c) Rs.20,000
d) Rs.35,000
Answer: b

Question: Ledger Account is prepared from:
a) Vouchers
b) Trial Balance
c) Journal
d) Financial Statements
Answer: c