Practice Test

Q1) Accounting cycle or accounting process includes ____ Show Answer

Q2) __________ includes identifying , recording ,classifying and summarizing the transactions. Show Answer

Q3) In which order the acccounting transactions and events are recorded in the books? Show Answer

Q4) Journal is the books of _____in which every transactions is recorded before being posted into the ledger. Show Answer

Q5) ________ is a book in which all the business transactions are originally recorded in chronological order and from which they are posted to ledger accounts at any convenient time. Show Answer

Q6) Journal has ____ columns Show Answer

Q7) Transactions which are inter- connected and have taken place simultanously are recorded by means of a ______ Show Answer

Q8) ____is the principal books of account where similar transactions relating to a particular persons or property or revenue or expense are recorded . Show Answer

Q9) Ledger is the _____ of accounts where similar transactions relating to a particular persons or property or revenue or expense are recorded . Show Answer

Q10) _______is a book of acccount ,in which all types of accounts relating to assets ,liabilities ,capital ,expenses and revenue are maintained. Show Answer

Q11) The process of recording transaction in journal is termed as _____ Show Answer

Q12) Process of recording transaction in ledger is known as _____ Show Answer

Q13) Journal is book of ________ Show Answer

Q14) Ledger is book for ___ Show Answer

Q15) The process of equalizing the two sides of an account by putting the diffrence on the side where amount is short is known as ______ Show Answer

Q16) Journal and ledger records transactions in ______ Show Answer

Q17) Ledger book is popularly known as ___ Show Answer

Q18) At the end of the acounting year all the nominal accounts of the ledger books are _____ Show Answer

Q19) The sub -division of journal into various subsidiary journals in which transactions of similar nature are recorded are called _____ Show Answer

Q20) Which of the following is /are the subsidiary books? Show Answer

Q21) Which of the following is /are the subsidiary books? Show Answer

Q22) Which of the following is /are the subsidiary books? Show Answer

Q23) which of the following is /are the subsidiary books? Show Answer

Q24) Purchases book is meant for recording the ____ of goods. Show Answer

Q25) Cash purchases are recorded in _____ Show Answer

Q26) Purchases day book records _____ Show Answer

Q27) The total of the purchases day book is posted periodically to the debit of ____ Show Answer

Q28) In the Sales Book ______ of goods are recorded Show Answer

Q29) Cash sales are recorded in __ Show Answer

Q30) Credit sale of various assets or investment will be recorded in Show Answer

Q31) ______ records the details of goods returned by the business organization to the supplier(s). Show Answer

Q32) When the goods are returned to the to supplier a ____is sent to him. Show Answer

Q33) The Total amount column of the sales return book is _____ Show Answer

Q34) The total amount column of the purchases return book is _____ Show Answer

Q35) Goods outward Journal is meant for recording all returns of goods. Show Answer

Q36) The details of goods returned by the customers to the business organization are recorded in ___ book. Show Answer

Q37) ____ is used to record the details of bills receivable by the business organization. Show Answer

Q38) ______ is used to record the particulars of all the bills payable accepted by the business organization for the purpose of paying amounts due to its creditors. Show Answer

Q39) The total of the amount of the bills receivable book is posted to the ____ in the ledger. Show Answer

Q40) The total of the amount of the bills payable book is posted to the ____ in the ledger. Show Answer

Q41) When fixed assets or stationneries are purchased on credit , the entries are passed in the Show Answer

Q42) Which of the following books is used to record purchase of machinery by cash? Show Answer

Q43) When obsolete assets are sold on cedit , these are originally recorded in the _____ Show Answer

Q44) ____ is the books in which all transactions concerning cash receipts and cash payments are recorded Show Answer

Q45) Cash book is in the form of _____ Show Answer

Q46) Balance of cash column in cash book has _____ Show Answer

Q47) Which of the following is / are features of cash book ? Show Answer

Q48) Which of the following is / are features of cash book ? Show Answer

Q49) Which of the following is type of cash book? Show Answer

Q50) Which of the following is the kind of a cash book? Show Answer

Q51) Cash book is a type of _____ but treated as a _____ of accounts Show Answer

Q52) Which of the following is not a column of a three column cash book? Show Answer

Q53) Rent due for the month of March will appear _____ Show Answer

Q54) The cash bok records ____ Show Answer

Q55) Which of the column of the cash book can have crdit opening or closing balance? Show Answer

Q56) Which of the column of the cash book is never balanced ______ Show Answer

Q57) Cash account is ______ Show Answer

Q58) Total of debit side discount column of cash book is posted to _____ Show Answer

Q59) The debit balance of cash account shows ____ Show Answer

Q60) Contra entry appears in ____ Show Answer

Q61) Contra entries are passed only when ____ Show Answer

Q62) If a transaction involves both cash and bank account , it is entered on both sides of the cash book ,one in the cash column and second in the bank column ,though on opposite sides. This is called _____ Show Answer

Q63) Payments in cash of small amounts like travelling expenses , postage,carriage etc.are recorded in the ____________ Show Answer

Q64) The balance in the petty cash book is____ Show Answer

Q65) Whish of the following is /are advantages of the imprest system? Show Answer

Q66) The petty cashier generally works on ____system. Show Answer

Q67) Petty cash book may betreated as a ___ Show Answer

Q68) _____ are passed at the beginning of the financial year to open the book by recording the assets , liabilities and capital appearing in the balance sheet of the previous year. Show Answer

Q69) _______are used at the end of the accounting year for closing of accounts relating to expensesand revenues. Show Answer

Q70) Opening,Closing & ,Adjustment entries are recorded in ______ Show Answer

Q71) At the end of the acounting year______ are to be passed for outstanding / prepaid ,accrued /income /income received in advance etc. Show Answer

Q72) ______ are passed in the general journal for transferring an item entered in one account an other account Show Answer

Q73) _______are passed for rectifying errors which might have committedin the books of account Show Answer

Q74) A____ is a schedule or list of balance of balance both debit and credit extracted from various accounts. Show Answer

Q75) It is a check on the accuracy of posting .If the trial balance agrees it proves that : Show Answer

Q76) At the end of the accounting period or at the end of each month, the balances of the ledger accounts are extracted and _____ is prepared to test as to whether the total debit are equal to total credits Show Answer

Q77) Which of the following is/ are method for preparation of trial balance? Show Answer

Q78) If the trial balance do not agree after transferring the balance of alll ledger accounts including cash and bank balance and also errors are not located timely, then the trial balance is tallied by transferring the difference of debit and credit side to an account known as ____ Show Answer

Q79) The balance of all assets accounts expense account ,losses ,drawings are places in the _____ of the trial balance Show Answer

Q80) The balance of all liabilities accounts ,income accounts , profit , capital,are placed in the ______of the trial balance. Show Answer

Q81) A trial balance will not balance if _____ Show Answer

Q82) All expense and ______ accounts apppearing in the trial balance are transferred to the trading and profit and loss account. Show Answer

Q83) After the preparation of ledger ,the next step is the preparation of ______ Show Answer

Q84) Difference of totals of both debit and credit side of the trial balance is transferred to ______ Show Answer

Q85) Bank overdraft is shown on the ____ side of trial balance. Show Answer

Q86) After preparing the trial balance the accountant finds that the total of debit side is short by Rs.1,500. This difference will be____ Show Answer

Q87) Purchase of furniture on cash for Rs.1,50,000 will be recorded in ______ Show Answer

Q88) Purchased goods for Rs.90,000 from Mr.N on credit will be recorded in ____ Show Answer

Q89) Rs.3,50,000 cash paid to creditors for settlement of credit purchases will be recorded in _____ Show Answer

Q90) Sold furniture on cash for Rs.1,50,000 will be recorded in _____ Show Answer

Q91) Sold goods for Rs.90,000 to Mr.Z om credit wilbe recorded in _______ Show Answer

Q92) Received cash of Rs.2,00,000 from debtors for settlement of credit sales will be recorded in ______ Show Answer

Q93) Mr.N return the goods of Rs.50,000 purchased on credit to Mr.Z .This transaction will recorded by Mr.N in _____And by Mr.Z in____ Show Answer

Q94) If Mr.Z draws the bill of exchange for Rs.75,000 on Mr.N .This transaction will be recorded by Mr Z.in ____ and by Mr.N in _____ Show Answer

Q95) An allowance of Rs.50 was offered for an early payments of cash of Rs.1,050 It will be recorded in _____ Show Answer

Q96) A second hand motor car was purchased on credit from B& Co.for Rs.10,000.It will be recorded in ____ Show Answer

Q97) Goods were sold on credit basis to Mr.Ram for Rs.10,000 .It will be recorded in ____ Show Answer

Q98) Credit purchase of stationery worth Rs.5,000 by a stationery dealer will be recorded in ____ Show Answer

Q99) A bills receivable of Rs.10,000 which was received from a debtor in full settlement for a claim of Rs.11,000 dishonoured will be recorded in ____ Show Answer

Q100) Purchased goods from shyam worth Rs.50,000 credit basis will be recorded in _____ Show Answer

Q101) Note for Rs.20,000 issued to Mr.Z for goods returned by us is to be accounted. Show Answer

Q102) Investment was sold in cash for Rs.1,00,000 at par will be recorded in ____ Show Answer

Q103) Investment was sold in cedit for Rs.1,00,000 at par will be recorded in ____ Show Answer

Q104) Salary paid in cash -Rs.50,000 will be recorded in ______ Show Answer

Q105) Cash sales for Rs.5,00,000 will be recorded in ______. Show Answer

Q106) Accounting for recovery from Mr.C of an amount of Rs.2,000 earlier written off as bad debt will be recorded in _____
Show Answer