Third set of 10 questions on Accountancy-Class XI-Recording of Transaction . The accountancyÂ Â is the process of communicating financial information about aÂ business entityÂ to users such asÂ shareholdersÂ andÂ managers. Â TheÂ principlesÂ of accountancy are applied to business entities in three divisions of practical art, named accounting,Â bookkeeping, andÂ auditing. The recording of financial transactions is also known as Bookkeeping.
Accountancy : Recording of Transaction
Transactions include sales, purchases, income, receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused withÂ accounting. There are broadly two types of Â bookkeeping such as theÂ Single-entry bookkeeping systemÂ and theÂ Double-entry bookkeeping system.
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1. Question1 points
Following Rule belongs to-“Debit what comes in; Credit what goes out”CorrectIncorrect
2. Question1 points
Account to be Debited for Goods returned by MohanCorrectIncorrect
3. Question1 points
What will be the amount of Capital if Cash is Rs. 20,000; Debtors are Rs. 10,000 and Creditors are Rs. 6,000CorrectIncorrect
4. Question1 points
Unrecoverable amount from coustomers is called:CorrectIncorrect
5. Question1 points
Credit Note is prepared by:CorrectIncorrect
6. Question1 points
For goods returned by Ram to Mohan, Ram will prepare:CorrectIncorrect
7. Question1 points
From the following which is Capital Expenditure:CorrectIncorrect
8. Question1 points
Which of the following is not a step in Accounting Process?CorrectIncorrect
9. Question1 points
From the following which is book of Original Entries:CorrectIncorrect
10. Question1 points
Account to be Credited for: Received Rs. 500/- from Ram, which was earlier written off as Bad Debts.CorrectIncorrect