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11th Accountancy Weekly Test - 3 ( subsidiary books - I )

MABS Institution

11th Accountancy Weekly Test - 3 ( subsidiary books - I )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

The endorsee is entitled to collect the _____

cheque
bill
paper
money

Goods returned by customers are recorded in __________.

sales book
sales returns book
purchases returns book

The person who has to make the payment or who accepts to make the payment is called the _______

drawee
drawer
payee
creditor

The sub-division of work gives the advantage of specialisation leading to _____

business transactions
efficiency
decision making
none of these

_____ in duplicate is prepared in the name of the buyer when goods are returned

Credit note
Debit note
Both 'a' and 'b'
None of these

The total of the bills receivable book is posted to the debit of _____ account.

bills payable
bills receivable
both
none of these

The person who endorses is called the _____

Endorser
Endorsee
Drawer
Drawee

The discount allowed at the time of sales is __________.

cash discount
trade discount
None of these

Credit sales are recorded in __________.

sales book
cash book
journal proper

_____ is a statement prepared by a trader who receives back from his customer the goods sold.

Debit note
Credit note
Both
None of these

On 1st January 2018, pugazh draws a bill on Sundar for 3 months, Its due date is_______.

31st March 2018
1st April 2018
4th April 2018
4th April 2018

A Bill is drawn on 1.4.2004 for 2 months, its due date is _____

1.6.2004
3.6.2004
4.6.2004
4.4.2005

______ is the statement prepared by the seller of goods.

Voucher
Receipt
Invoice
Ledger Folio

Goods returned to suppliers are recorded in ________.

sales book
purchases returns book
sales returns book

Cash discount is recorded in the___________.

Cash book
Sales Book
Purchases book
Journal Proper

______ is an allowance given on list or catalogue price of the article at the time of selling.

Cash Discount
Credit Discount
Trade Discount
None of these

Which of the following is not a subsidiary book?

Sales Book
Purchase Book
Cash Book
Ledger Book

______ entries are passed in the journals proper for transferring an item entered in one account to another Account.

Opening
Closing
Adjusting
Transfer

Purchase returns book is used to record_____

returns of goods to the supplier for which cash is not received immediately
returns of assets to the supplier for which cash is not received immediately
returns of assets to the supplier for which cash is received immediately
None of the above

The person who receives the payment of the bill is _________.

banker
drawee
payee

The protest certificate is issued by _____________.

Government
drawer
Notary Public

A trader purchased goods for Rs. 4,000 at a discount of 5%. As he paid the amount immediately a cash discount of Rs.100 was also allowed. In this case, Purchases A/c is debited by:

Rs. 4,000
Rs. 3,800
Rs. 3,700
Rs. 3,900

Purchases book is used to record______

all purchases of goods
all credit purchases of assets
all credit purchases of goods
all purchases of assets

A periodic total of the purchases book is posted to the _______

debit side of the purchases account
debit side of the sales account
credit side of the purchases account
credit side of the sales account

The person who prepares the bill is called the _____

drawer
drawee
payee
acceptance

Business concerns are always profit motivated and try to increase their _____

Purchases
Production
Sales
None of these

Subsidiary books are maintained in___________.

Big business concerns
Small business concerns
Banks
None of the above

The return of goods to a supplier should be credited to______

Supplier Account
Goods Account
Purchase Return Account
None of the above

Instead of recording in one journal, the transactions are recorded in a number of prescribed books called ____

Cash book
Subsidiary books
Journals
Ledger

Puchases book does not keep record of purchases of_________.

Purchases book
Sales book
Purchases returns book
sales returns book

Which of the following books should be used to record purchase of furniture on credit?

Petty Cash Book
Journal Proper
Cash Book
None of the above

Days of grace are _____ in number.

three
four
five
nine

Debit notes issued are used to prepare

Sales returns book
Purchase returns book
Journal proper
Purchases book

On 1^st January, 2018, Kumar draws a bill on Ramar for 3 months, its due date is

4^th April, 2018
1^st April, 2018
31^st March, 2018
1^st March, 2018

______ is one of the most important books, in which credit purchases of goods are recorded.

Purchase book
Sales book
Purchases returns book
None of these

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