grd 10 Bookkeeping Quiz

What is a contra entry in bookkeeping?

• An expense entry

• An income entry

• A transaction recorded on both debit and credit sides of the cash book

• A bank reconciliation entry

Which of the following transactions is a contra entry?

• Purchase of goods on credit

• Deposit of cash into the bank

• Payment to a supplier

• Receipt of payment from a customer

Where is a contra entry identified in the cash book?

• On the income statement

• On the ledger accounts

• On both the debit and credit sides of the cash book

• On the trial balance

Which abbreviation is used to mark a contra entry in the cash book?

• "Dr"

• "Cr"

• "C"

• "CE"

When cash is withdrawn from the bank for office use, the contra entry is recorded as:

• Debit bank, credit purchases

• Debit cash, credit bank

• Debit bank, credit cash

• Debit purchases, credit cash

A contra entry affects:

• Only the cash account

• Only the bank account

• Both the cash and bank accounts

• The purchases account

In a double column cash book, contra entries are recorded when:

• Money is transferred between the cash and bank accounts

• Goods are sold on credit

• Payment is made to a supplier

• Salaries are paid

Which of the following is NOT an example of a contra entry?

• Withdrawal of cash from the bank

• Transfer of cash into the bank

• Payment of office rent

• Deposit of cash into the bank

If #2,000 is transferred from the bank to the cash account, how will it be recorded?

• Bank column debit #2,000, cash column credit #2,000

• Cash column debit #2,000, bank column credit #2,000

• Bank column credit #2,000, purchases column debit #2,000

• Cash column credit #2,000, bank column debit #2,000

A business withdraws ₦10,000 from the bank for office use. What is the correct contra entry?

• Debit bank column ₦10,000, credit purchases column ₦10,000

• Debit cash column ₦10,000, credit bank column ₦10,000

• Debit purchases column ₦10,000, credit bank column ₦10,000

• Debit bank column ₦10,000, credit capital account ₦10,000