The process of recording transactions in different journals is called_________?
The process of recording transactions in different journals is called_________?
A. Posting
B. Entry making
C. Adjusting
D. Journalizing
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Which of the following is a Nominal A/c ?
Which of the following is a Nominal A/c ?
A. Outstanding Salary A/c
B. Rent A/c
C. SBI A/c
D. Debtors A/cWhich of the following are/is not a fixed asset?
Which of the following are/is not a fixed asset?A. Stock
B. Vehicle
C. Fixed deposit in bank
D. Both A. and C. aboveCredit memo or credit note No. is entered in which of the following journal?
Credit memo or credit note No. is entered in which of the following journal?A. General journal
B. Cash journal
C. Purchase journal
D. Sales return day bookWhich of the following errors affects the agreement of a Trial Balance?
Which of the following errors affects the agreement of a Trial Balance?
A. Mistake in balancing an account
B. Omitting to record a transaction entirely in the subsidiary books
C. Recording of a wrong entry in the subsidiary books
D. Posting an entry on the correct side but in the wrong accountA. The mistake in balancing an account affects the agreement of a Trial Balance A. is the
correct answer. The other mistakes do not affect the agreement of Trial Balance. The omission to
record a transaction entirely in the subsidiary books B. will not affect the agreement of a Trial
Balance because both the aspects of a transaction are omitted to be recorded. Recording of a
wrong entry in the subsidiary books (c ) will not cause disagreement of a Trial Balance because,
the wrong entry so recorded has the effect of posting the transaction in the manner it is recorded.
Posting an entry on the correct side in the wrong account D. does not affect the tallying of a Trial
Balance because the aspect of the transaction is posted to the correct side of an account. Thus
A. is the correct answer.Difference in Bank Balance as per Pass Book and Cash Book may arise on account of_____________?
Difference in Bank Balance as per Pass Book and Cash Book may arise on account of_____________?A. Cheque issued but not presented
B. Cheque issued but dishonoured
C. Cheque deposited and credited by bank
D. Both A. and B.Differences in Bank Balance as per Bank Pass Book and Cash Book arise due to many reasons. Few of them are Cheques issued (a credit entry in Cash Book made) but not presented for payment (so no corresponding entry in Pass Book).
Cheques issued (a credit entry in Cash Book made) but dishonoured (so no corresponding entry made in Pass Book).
In case of cheques deposited and credited by bank, entries in both Cash Book and the Bank Pass book are made, hence no difference arises. Hence option D. is the right option. Only in situations A. and B. result in differenceA discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?
A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?A. $2000 will be debited in cash book
B. $2000 will be credited in cash book
C. $4000 will be debited in cash book
D. $4000 will be credited in the cash book