Recording Of Transactions CBSE Questions & Answers

Recording Of Transactions

This is Accountancy Class 11 Recording of Transactions CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
The Basic accounting equation is
  • A
    Assets = Expenses + Capital
  • B
    Assets= Cash + Capital
  • C
    Asset = Expense + Income
  • D
    Assets = Capital + Liabilities
    Correct
2
To find the net income we deduct _________ from total revenue.
  • A
    Depreciation
  • B
    Expenses
    Correct
  • C
    Capital expenditure
  • D
    Gains
3
Pay-in-slip is a
  • A
    None of these
  • B
    Source document for having deposits made in the bank
    Correct
  • C
    Both of these
  • D
    Document drawn upon a specified banker and payable on demand
4
The owner withdraws business assets for personal use.
  • A
    Assets: Decrease, Liabilities: No Effect, Equity: Decrease
    Correct
  • B
    Assets: Decrease, Liabilities: Decrease, Equity: Decrease
  • C
    Assets: No .Liabilities: Increase, Equity: No Effect
  • D
    None of these
5
Payment of expenses will ______ the assets
  • A
    Increase
  • B
    Apportion
  • C
    No Effect
  • D
    Reduce
    Correct
6
Which source of document prepared by the seller of the goods on credit
  • A
    Invoice
    Correct
  • B
    None
  • C
    Cash memo
  • D
    Cash Invoice
7
Fresh capital introduction will increase
  • A
    Assets and Capital
  • B
    Assets and Liabilities
    Correct
  • C
    Capital and Liabilities
  • D
    Liabilities and equity
8
If a cash book is prepared then there is no need to prepare the _______
  • A
    Sales (journal) book
  • B
    Purchases (journal) book
  • C
    Journal Proper
  • D
    Bank and cash account
    Correct
9
Return of goods purchased on credit to the suppliers will be entered in ____ Book.
  • A
    Purchase Return
    Correct
  • B
    Sales Return
  • C
    Sales
  • D
    Purchase
10
Items owned by a business that have monetary value are ____
  • A
    Liabilities
  • B
    Capital
  • C
    Debentures
  • D
    Assets
    Correct
11
Proprietor is a creditor of the business for ______
  • A
    Cash
  • B
    Capital
    Correct
  • C
    Drawings
  • D
    Liabilities
12
Difference between assets and liabilities is
  • A
    Cash
  • B
    Drawings
  • C
    Capital
    Correct
  • D
    Liabilities
13
Cash Memo is a
  • A
    source of document prepared by the buyer of the goods for credit
  • B
    source of document prepared by the seller of the goods for cash and credit
  • C
    source of document prepared by the seller of the goods for credit
  • D
    source of document prepared by the seller of the goods for cash
    Correct
14
Additional capital introduced in the business will increase ____ and ____
  • A
    liabilities and Capital
  • B
    Land and Capital
  • C
    Assets and liabilities
  • D
    Assets and Capital
    Correct
15
Goods purchased on credit will increase the
  • A
    Debtor
  • B
    Drawings
  • C
    liability
    Correct
  • D
    Capital