Tag: elements of accounts

Questions Related to elements of accounts

Following are the sales return of Jindal & Co. a saree dealer:
05.01.2016 - Goyal & Co. Rampur returned 2 Polyster sarees @ 125 each
10.01.2016 - Accepted return of goods by Garf & Co. 2 Kota sarees @ 50 
17.01.2016 - Mittal & Co. Hissar returned 2 silk sarees @ 325
31.01.2016 - Mohan returned one typewriter @ 500
Total of sales returns book will be _____.

elements of accounts sub-division of journal - 2 (subsidiary books) sales book or sales journal introduction, meaning, types and advantages of subsidiary books meaning and types of subsidiary books

  1. Rs.900

  2. Rs.800

  3. Rs.1000

  4. None of these

Show answer
Correct Option: A
Explanation:

Particulars | Credit Note No. | L.F. | Amount | | --- | --- | --- | --- | --- | | 5th Jan 2016 | Goyal & Co. Rampur returned 2 Polyster sarees @ 125 each |   |   | 250 | | 10th Jan 2016 | Return of goods by Garf & Co. 2 Kota sarees @ 50   |   |   | 100 | | 17th Jan 2016 | Mittal & Co. Hissar returned 2 silk sarees @ 325 |   |   | 650 | | 31st Jan 2016 | No Entry |   |   | - | |   | Total of Sales Return book |   |   | 900 |

State with reasons whether the following statement is true or false:
The return of goods by a customer should be debited to Return Outward Account.

elements of accounts sub-division of journal - 2 (subsidiary books) sales book or sales journal introduction, meaning, types and advantages of subsidiary books meaning and types of subsidiary books

  1. True

  2. False

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Correct Option: B

Loose-Leaf Ledgers are also known as _____________.

elements of accounts ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Impersonal Ledgers

  2. Personal Ledgers

  3. Perpetual Ledgers

  4. None of the above

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Correct Option: C

In the Sale or Return Ledger _________________.

elements of accounts ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book.

  2. All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.

  3. All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.

  4. Any one of the above

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Correct Option: A

Sale or Return Day Book and Sale or Return Ledger are known as ______________.

elements of accounts ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Principal Books

  2. Subsidiary Books

  3. Memorandum Books

  4. None of these

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Correct Option: C

Ledger is the ______ of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded. 

elements of accounts ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Principal book

  2. Primary entry book

  3. Third entry book

  4. None of above

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Correct Option: A

_______ is the principal book of accounts where similar transactions relating to a particular person or property or revenue or expense are recorded. 

elements of accounts ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Ledger

  2. Journal

  3. Purchases return books

  4. Sales book

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Correct Option: A

Which is recorded in the purchases ledger?

elements of accounts ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Cash paid to a creditor

  2. Cash purchases

  3. Cheque received from a debtor

  4. Purchase of fixed assets

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Correct Option: A

Which ONE of the following, in a classified form, contains permanent records of all transactions?

elements of accounts ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Cash Book

  2. Sales Day Book

  3. Journal

  4. Ledger

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Correct Option: D

Which of the following is not a book of prime entry?

elements of accounts ledger and posting explain the concept of ledger and its importance in accounting process. introduction to ledgers ledgers

  1. Cash book

  2. Returns Inwards Day Book

  3. The Petty Cash Book

  4. The Ledger

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Correct Option: D