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Recording of Transactions - Accountancy MCQ Questions

Recording of Transactions MCQs : Here you will find MCQ Questions related to "Recording of Transactions" in Accountancy. These Recording of Transactions MCQ Questions Will help you to improve your Accountancy knowledge and will prepare you for various Examinations like Competitive Exams, Placements, Interviews and other Entrance Exmaniations




Question 1

_______________is a process of accounting transactions of the business in several books of accounts

A. Recording of transaction
B. Recording of transaction - I
C. Recording of transaction- II
D. All of the above

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Question 2

Which of the following is true about Recording Of Transaction - I?

A. Financial Transaction Identification From voucher
B. Transaction recording in the original entry In a journal
C. Arrange in Individual account Report in a ledger account
D. All of the above

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Question 3

Which account has debit the receiver and credit the giver?

A. Real Account
B. Nominal Account
C. Personal Account
D. All of the above

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Question 4

Real Account has a debit what comes in and credit what goes out.

A. TRUE
B. FALSE
C. Can be true or false
D. Can not say

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Question 5

The Mathematical Expression defining the comparative relationship between Assets and Liabilities of any person, institution or Business concern is called?

A. Accounting
B. Accounting Equation
C. Book keeping
D. All of the above

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Question 6

Liabilities and Assets amount to Rs. 50,000 and Rs. 7,800 respectively. The difference Amount shall represent?

A. Creditors
B. Debentures
C. Profit
D. Capital

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Question 7

The basis of recording transactions is

A. Vouchers
B. Profit
C. Order form
D. Quotation list

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Question 8

As per American Belief, Accounts are of how many types?

A. 2
B. 3
C. 4
D. 5

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Question 9

Which account deals with assets, liabilities and equity?

A. Personal account
B. Real account
C. Nominal account
D. All of the above

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Question 10

Source Documents in Transaction has the physical evidence for the transaction that took place.

A. Yes
B. No
C. Can be yes or no
D. Can not say

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