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11th Accountancy Weekly Test - 3 ( Books of Prime Entry )

MABS Institution

11th Accountancy Weekly Test - 3 ( Books of Prime Entry )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

Which of the following is correct?

L=A+C
L=A-C
L=C-A

Prepaid rent is a ____

Nominal A/c
Personal A/c
Real A/c
Representative personal A/c

Cash A/c is a ______

Real A/c
Nominal A/c
Personal A/c
Impersonal A/c

Under traditional approach, the accounts are Classified into __________categories.

3
4
5

Decrease in the amount of creditors results in_________.

Increase in cash
Decrease in cash
Increase in assets
No change in assets

Outstanding rent A/c is an example for________.

Nominal A/c
Personal A/c
Representative personal A/c

Amount withdrawn by the proprietor for his personal use is called _________.

liabilities
drawings
withdrawal

A firm has assets are of Rs.1,00,000 and the external liabilities of Rs.60,000. Its capital would be ______

Rs.1,60,000
Rs.60,000
Rs.1,00,000
Rs.40,000

Which of the following statements is correct?

Accounting profit is the difference between cash receipts and cash paid in a period
Accounting profit is the total of cash sales in the year less the expenses for the period
Accounting profit is the difference between revenue income and expenses for the period
Accounting profit is the difference between revenue income and cash payment for the period

Owner's equity is otherwise called as___________

Capital
Creditors
Debitors
Assets

Capital account is classified under________.

Personal A/c
Real A/c
Nominal A/c

Received cash for bad debts written off last year is credited to

Debtors A/c
Bad debts recovery A/c
Bad debts A/c
None

Building is an item of ________

Expense
Liabilities
Asset
Revenue

Financial position of a business concern is ascertained on the basis of_______.

Records Prepared under book - keeping process
Trial Balance
Accounting reports
None of the above

Journal is a book of ___

Original Entry
Last Book
Secondary Entry
All transaction

The word journal has been derived from the French word 'Jour' Jour means _________

Cash
Money
Day
None of these

Life Insurance Corporation of India is_______.

natural person
artificial person
representative person

The Liabilities of a firm are Rs.3,000; the capital of the proprietor is Rs.7,000. The total assets are

Rs.7,000
Rs.10,000
Rs.4,000
Rs.12,000

To deposit money into bank account, which of the following is used________.

cheque
receipt
pay-in-slip

Accounts of persons with whom the business deals is known as________.

Personal A/c
Real A/c
Nominal A/c
Rrobt & Loss A/c

Process of recording business transaction in the prime record is called as

Posting
Balancing
Casting
Journalising

Real account deals with ______

Individual persons
Expenses and losses
Assets
Incomes and gains

Double entry system was introduced in__________.

Italy
America
British

_________ is a negotiable instrument.

Cheque
Cash
Discount
Premium

Which of the following is correct?

C=A-L
C=A+L
C=L-A

Rs.500 not recovered from Mr. Surya a customer due to his insolvency is debited to _______

Cash A/c
Surya A/c
Bad debts A/c
Customer A/c

Direct Expenses are those which can be identified with the particular products. Which of the following items is a direct cost?

The rent of the factory in which products are made
The wages of the production supervisor
A royalty paid to the holder of a patent after each item is produced
The cost of the glue used to attach labels to the products

Point out the incorrect accounting equation

Assets = Liabilities + Capital
Assets = Capital + Liabilities
Liabilities = Assets + Capital
Capital = Assets - Liabilities

Drawings account is classified under __________.

Real A/c
Personal A/c
Nominal A/c

Capital = Rs.60,000; Assets = Rs.1,35,000; Liabilities = ?

Rs. 1,95,000
Rs.75,000
Rs.60,000

Indicate the transaction which increases one asset and decreases another assset

Borrowed loan from bank
Sold goods on credit
Bought goods on credit
Paid rent

Name the column in a journal which is not filled at the time of journalising

Journal Folio
Both 'a' and 'b'
None of these
Ledger Folio

Purchases of goods by debit card should credited to

Bank A/c
Cash A/c
Debit Card A/c
None

Which of the following is a source document?

Voucher
Journal
Transaction
None

In double entry system of book keeping, every business transaction affects ______

Minimum of two accounts
Same account on two different dates
Two sides of the same account
Minimum three accounts

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