MCQ .(1 Marks)

MCQ 11 Mark

Wages of $Rs.1,000$ paid for the installation of a new machine is debited to wages account. Whichaccount will be affected while rectifying this error?

✓
Wages A/c and Machine A/c
B
Only Machine A/c
C
Only Wages A/c
D
Cash A/c

Answer

Correct option: A.

Wages A/c and Machine A/c

View full question & answer→

MCQ 21 Mark

Why is it necessary to write adjustment entry at the end of the year for closing stock?

A
To rectfy the error
✓
To find true profit or loss
C
To transfer the account
D
To close the account

Answer

Correct option: B.

To find true profit or loss

View full question & answer→

MCQ 31 Mark

$………..$is not included in subsidiary book.

A
Sales book
B
Petty cash book
✓
Ledger
D
Debit note

Answer

Correct option: C.

Ledger

View full question & answer→

MCQ 41 Mark

Transactions which are not recorded in other subsidiary books are recorded in$…………..$

A
Journal
✓
Journal Proper
C
Cash book
D
Other book

Answer

Correct option: B.

Journal Proper

View full question & answer→

MCQ 51 Mark

Salary A/c closed and transferred to which A/c ?

A
Trading A/c
✓
Profit & Loss A/c
C
In the balance sheet
D
None of given

Answer

Correct option: B.

Profit & Loss A/c

View full question & answer→

MCQ 61 Mark

Machine of 10,000 purchased from Anupam Machinery. This transaction is recorded in which subsidiary book ?

A
Purchase book
B
Cash book
✓
journal Proper
D
It is not recorded

Answer

Correct option: C.

journal Proper

View full question & answer→

MCQ 71 Mark

Entry for closed A/c and transferred to other A/c is which type of entry ?

A
Journal Proper
✓
Closing entry
C
Adjustment entry
D
Assets A/c

Answer

Correct option: B.

Closing entry

View full question & answer→

MCQ 81 Mark

Wages A/c closed and transferred to which A/c ?

A
Drawing A/C
B
Capital A/c
✓
Trading A/C
D
Assets A/C

Answer

Correct option: C.

Trading A/C

View full question & answer→

MCQ 91 Mark

Interest received A/c closed and transferred to which A/c ?

A
Trading A/C
✓
Profit & Loss A/C
C
Capital A/C
D
Assets A/C

Answer

Correct option: B.

Profit & Loss A/C

View full question & answer→

MCQ 101 Mark

If Expense A/c close and transferred to Profit & Loss A/c it is known as $........$ entry.

A
Adjustment entry
✓
Closing entry
C
Entry for Inter Account transfer
D
Rectification entry

Answer

Correct option: B.

Closing entry

View full question & answer→

MCQ 111 Mark

From the following if owner bring assets in the business, which asset is not recorded in Journal Proper ?

A
Goods
B
Vehicles
C
Furniture
✓
Cash

Answer

Correct option: D.

Cash

View full question & answer→

MCQ 121 Mark

From the following, which transaction is not recorded in Journal Proper ?

A
Assets sold on Credit
B
Transaction of inter A/c transferred
C
Bad debts transaction
✓
Cash transaction

Answer

Correct option: D.

Cash transaction

View full question & answer→

MCQ 131 Mark

From the following.Which transaction is recorded in Journal Proper ?

A
Goods sold by Cash
B
Assets sold by Cash
C
Goods purchased on Credit
✓
Assets purchased on Credit

Answer

Correct option: D.

Assets purchased on Credit

View full question & answer→

MCQ 141 Mark

Drawing A/c is transferred to $........$ A/c.

A
Profit & Loss A/c
✓
Capital A/c
C
Trading
D
Personal Exp. A/c

Answer

Correct option: B.

Capital A/c

View full question & answer→

MCQ 151 Mark

Bad debts transaction' is recorded in which subsidiary book ?

A
Cash Book
B
Journal
✓
Journal Proper
D
Petty Cash book

Answer

Correct option: C.

Journal Proper

View full question & answer→

MCQ 161 Mark

Specimen of Journal Proper is same as$........$

✓
Journal book
B
Cash book
C
Purchase book
D
Sales book

Answer

Correct option: A.

Journal book

View full question & answer→

MCQ 171 Mark

'Furniture Purchase on Credit' transaction is recorded in which subsidiry book ?

A
Purchase book
✓
Journal Proper
C
Cash book
D
Sales book

Answer

Correct option: B.

Journal Proper

View full question & answer→

Account MCQ .(1 Marks)

Test yourself on this topic