Recording of transactions is most important and central event of accountancy. One can not account for without proper recording of transaction. All business transactions whether perta9in to the owner or to the outsiders, are recorded in the books of business. But owner’s personal transactions are not recorded anywhere in the books of business.
10 questions on Class-XI -Chapter Recording of Transaction
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1. Question1 points
A business transaction affects at least two accounts.CorrectIncorrect
2. Question1 points
Assets + Liabilities = Owner’s Equity is another way to express the accounting equation.CorrectIncorrect
3. Question1 points
The increases and decreases caused by business transactions are recorded in specific accounts.CorrectIncorrect
4. Question1 points
The private enterprise system is based on the right to own property.CorrectIncorrect
5. Question1 points
The owner’s personal financial transactions are part of the business’s records.CorrectIncorrect
6. Question1 points
The total financial claims to the assets of a business are referred to as equity.CorrectIncorrect
7. Question1 points
The owner’s claims to the assets of a business are liabilities.CorrectIncorrect
8. Question1 points
When a business transaction occurs, the financial position of the business changes.CorrectIncorrect
9. Question1 points
An account is a record of only the increases in the balance of a specific item such as cash or equipment.CorrectIncorrect
10. Question1 points
A creditor has a financial claim to the assets of a business.CorrectIncorrect