Tag: book keeping and accountancy

Questions Related to book keeping and accountancy

Stimulus: Support staff is undisciplined.
Response: It is a sign of the times.
How will you classify the above transaction as per concept of transactional analysis ______________.

book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

  1. Parent - Child

  2. Parent - Adult

  3. Parent - Parent

  4. Child - Parent

Show answer
Correct Option: C

Stimulus: I have finish the report tonight as it is due tomorrow.
Response: You always leave things to the last minutes
How will you classify the above transaction as per concept of transactional analysis ___________.

book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

  1. Adult - Adult

  2. Parent - Adult

  3. Adult - Parent

  4. Child - Adult

Show answer
Correct Option: C

Stimulus: I wish you were better educated.
Response: I am not so lucky
How will you classify the above transaction as per concept of transactional analysis ____________.

book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

  1. Adult - Child

  2. Child - Adult

  3. Parent - Child

  4. Child - Child

Show answer
Correct Option: D

Which of the following actions reflects 'adult ego' as per the concept of Transactional Analysis?

book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

  1. Pleasure

  2. Pondering

  3. Blessing

  4. All of above

Show answer
Correct Option: B

A cash purchase of supplies would ________________.

book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

  1. Decrease owner's equity

  2. Increases liabilities

  3. Have no effect on total assets

  4. None of these

Show answer
Correct Option: A

Outstanding business rent of Rs.$15,000$ was paid by the proprietor from his purse. The effect on the balance sheet is that ________________.

book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

  1. both liabilities and assets are increased

  2. both liabilities and assets are decreased

  3. liabilities are increased, while the assets are decreased

  4. liabilities are decreased, while the assets are increased

Show answer
Correct Option: C

Stimulus: You have presented a good report.
Response: Thank you.
How will you classify the above transaction as per concept of transactional analysis ________________.

book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

  1. Adult - Child

  2. Adult - Adult

  3. Parent - Parent

  4. Child - Adult

Show answer
Correct Option: B

Loss on sale of machinery will be ________.

book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

  1. debited on Machinery A/c

  2. credited to Machinery A/c

  3. credited to Profit and Loss A/c

  4. None of them

Show answer
Correct Option: B
Explanation:

Loss on sale. Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the Machinery A/c.

Which of the following is true when a debtor pays his dues?

book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

  1. The asset side of the balance sheet will decrease

  2. The asset side of the balance sheet will increase

  3. The liability side of the balance sheet will decrease

  4. There is no change in total assets or total liabilities

Show answer
Correct Option: D

Income earned which is yet to be a collected result in ________________.

book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

  1. Increase in capital and increase in a liability

  2. Decrease in liability and increase in capital

  3. Increase in assets and increase in liability

  4. Increase in capital and increase in asset

Show answer
Correct Option: D