CBSE Class 11 (Commerce) Recording of Business Transactions — practice questions
53 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice CBSE Class 11 (Commerce) Recording of Business Transactions in the app →A document that provides evidence of a business transaction is called a:Which of these is a source document for a cash sale?Every business transaction has a two-fold effect, so it is recorded in:Vouchers are filed in which order?Recording in the books of account is done on the basis of:A voucher recording multiple debits and one credit, or one debit and multiple credits, is called a:Which statement about the format of accounting vouchers is correct?On a voucher, the date entered should be the date of:Vouchers must be preserved at least until:In a voucher, the voucher number should be in:The accounting equation states that assets always equal:If assets are Rs 6,80,000 and liabilities Rs 1,70,000, capital is:If capital is Rs 3,00,000 and assets Rs 4,50,000, liabilities are:The accounting equation is also called the:In the accounting equation, the claim of the proprietor on the business is called:The claim of outsiders on the resources of a business is known as:Rohit starts a business with Rs 5,00,000 cash. This increases cash and also:Profits earned by the business will do what to the amount invested by the owner?Buying furniture for Rs 60,000 by cheque increases furniture and decreases:Machinery of Rs 1,25,000 is bought with Rs 10,000 advance in cash. The supplier becomes a creditor for:Goods bought on credit for Rs 55,000 raise stock and also:Goods costing Rs 25,000 are sold on credit for Rs 35,000. Capital rises by:In double entry accounting, total debits must equal total:In accounting, to debit an account means to enter the amount on its:An account in its simplest form looks like the letter T, so it is called a:The difference between the totals of the two sides of an account is called the:Goods sold to a customer on credit appear on which side of the customer's account?Payments received from a customer appear on which side of his account?An increase in an asset is recorded by:Rohit starts business with cash Rs 5,00,000. The entry is debit Cash and credit:Opening a bank account with cash is recorded as debit Bank and credit:The journal is called the book of:The ledger is described as the:The process of transferring a journal entry to individual accounts is called:Which of these is a subdivision of the journal as a book of original entry?In a journal, transactions are recorded in:In a journal entry, the account to be debited is written:The brief description written below a journal entry is called:The ledger folio column of the journal is filled in:At the end of a journal page, the amount columns are totalled and:A journal entry involving only two accounts is called a:Goods bought on credit from Govind Traders are recorded as debit Purchases and credit:When the proprietor withdraws cash for personal use, which account is debited?In a GST journal entry for an intra-state purchase, tax paid on purchases is debited to:A sale within the state creates which GST liability accounts?The basis of classification of data in the ledger is the:Recording in the journal is called journalising, while recording in the ledger is:Which accounts are permanent accounts?Which accounts appear in the balance sheet?The journal folio column in a ledger account records the:The title of a ledger account ends with the suffix:The first step in posting is to locate in the ledger the:Posting means grouping all transactions of a particular account: