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

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Presentation transcript:

30/11/2013YRM, PTC, Mys Quiz on Double Entry System

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

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

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

Question: 4 30/11/2013YRM, PTC, Mys 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.

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

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

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

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

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

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

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

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

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

Question: 14 30/11/2013YRM, PTC, Mys 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

Question: 15 30/11/2013YRM, PTC, Mys 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.

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

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

Question: 18 30/11/2013YRM, PTC, Mys 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.

Question: 19 30/11/2013YRM, PTC, Mys Seetha Withdrawn Rs 5000 from SB Account.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

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

30/11/2013YRM, PTC, Mys