Daily Quiz and Practice - Book Keeping

Shyam sold 1000 units to Ram @ Rs 50 per unit. Ram will record this transaction as:

• Sales

• Purchase

• Sales Return

• Purchase Return

The rent paid to landlord is credited to

• Landlord’s account.

• Rent account

• Cash account.

• Profit and Loss account

In case of a debt becoming bad, the amount should be credited to

• Trade receivables account.

• Bad debts account.

• Cash account

• Bad debts recovered

Which financial statement represents the accounting equation -

Assets = Liabilities + Owner’s equity:

• Income Statement

• Statement of Cash flows

• Balance Sheet

• Statement of Equity

Which account is the odd one out?

• Office furniture & Equipment.

• Freehold land and Buildings.

• Inventory of materials

• Plant & Machinery

Journal and ledger records transactions in

• A chronological order and analytical order respectively.

• An analytical order and chronological order respectively

• A chronological order only

• An analytical order only

A trial balance will not balance if ____________________________

• Correct journal entry is posted twice

• The purchase on credit basis is debited to purchases and credited to cash

• Rs.500 cash payment to creditor is debited to Trade payables for Rs.50 and credited to cash as Rs.500

• Sale of goods to Manas Rs.1000 not entered

After preparing the trial balance the accountant finds that the total of debit side is short by ₹1,500. This difference will be ____________________________

• Credited to suspense account

• Debited to suspense account

• Adjusted to any of the debit balance account

• Adjusted to any of the credit balance account

The Sales Book ___________________________

• Is a part of journal.

• Is a part of the ledger.

• Is a part of the balance sheet

• Is a part of Journal as well as ledger

The periodic total of the Purchase Book is _______________________

• Posted to the debit of the Purchases Account.

• Posted to the debit of the Debtors Account.

• Posted to the credit of the Purchases Account.

• Is not required to be posted anywhere