1. 30/11/2013YRM, PTC, Mys-101.1.1 Quiz on Double Entry System

2. Question: 1 30/11/2013YRM, PTC, Mys-101.1.2 What is Accounting equation in Double Entry System Assets - Liabilities = Equity + (Income – Expenses)

3. Question: 2 30/11/2013YRM, PTC, Mys-101.1.3 Concept of Double Entry System is called: Principle of Balance

4. Question: 3 30/11/2013YRM, PTC, Mys-101.1.4 Name Three types of Accounts in Double Entry Personal Nominal Real

5. Question: 4 30/11/2013YRM, PTC, Mys-101.1.5 Quote the Golden Rule of Double Entry System: Debit the receiver and Credit the giver. Debit all expenses and losses and Credit all income and liabilities. Debit what comes in and credit what goes out.

6. Question: 5 30/11/2013YRM, PTC, Mys-101.1.6 Abbreviation used for Account A/C

7. Question: 6 30/11/2013YRM, PTC, Mys-101.1.7 Abbreviation used for Balance Sheet B/S

8. Question: 7 30/11/2013YRM, PTC, Mys-101.1.8 Abbreviation used for Debit Record Dr

9. Question: 8 30/11/2013YRM, PTC, Mys-101.1.9 Abbreviation used for Credit Record Cr

10. Question: 9 30/11/2013YRM, PTC, Mys-101.1.10 Abbreviation used for Balance Sheet B/S

11. Question: 10 30/11/2013YRM, PTC, Mys-101.1.11 Abbreviation used for – Trial Balance TB

12. Question: 11 30/11/2013YRM, PTC, Mys-101.1.12 Abbreviation used for Profit & Loss P&L

13. Question: 12 30/11/2013YRM, PTC, Mys-101.1.13 What is Cash Book ? A Ledger Account in which Cash transactions entered in chronologically.

14. Question: 13 30/11/2013 YRM, PTC, Mys-101.1.14 What is Journal ?: Accounting transactions are entered as they occur on Daily Basis.

15. Question: 14 30/11/2013YRM, PTC, Mys-101.1.15 What is Trial Balance?: List of all debit entries in ledger and total of all credit entries, prepared at the end of the accounting period

16. Question: 15 30/11/2013YRM, PTC, Mys-101.1.16 What is Income & Expenditure A/c ?: Account prepared at the end of accounting period which shows the revenues and expenses and shows the net result.

17. Question: 16 30/11/2013YRM, PTC, Mys-101.1.17 What is Suspense Account ?: An account used temporarily to carry doubtful receipts & payments or discrepancies pending their analysis and permanent classification.

18. Question: 17 30/11/2013YRM, PTC, Mys-101.1.18 What is Sundry Account ?: Temporary Accounts used for miscellaneous purposes.

19. Question: 18 30/11/2013YRM, PTC, Mys-101.1.19 Rama deposited Rs 1000 to SB Account. How this has to be dealt in Double Entry? Cash A/C Dr 5000 To Ramas SB Account 5000.

20. Question: 19 30/11/2013YRM, PTC, Mys-101.1.20 Seetha Withdrawn Rs 5000 from SB Account. How this has to be dealt in Double Entry? Seetha SB Account Dr 5000 To Cash Account 5000

21. Question: 20 30/11/2013YRM, PTC, Mys-101.1.21 Purchase of Furniture costing Rs 10000 for office. How this is to be treated in Double Entry? Furniture A/C Dr 10000 To Cash A/C 10000

22. 30/11/2013YRM, PTC, Mys-101.1.22