5. Journal Entries
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Information
♦ Understand meaning and significance of Double Entry System.
♦ Familiarize with the term ‘account’ and understand the classification
of accounts into personal, real and nominal.
♦ Note the utility of such classification and sub-classifications.
♦ Understand how debits and credits are determined from transactions
and events.
♦ Observe the points to be taken care of while recording a transaction
in the journal.
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- Answered
- Review
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Question 1 of 100
1. Question
1 pointsWhat is the primary purpose of the double entry system?
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Question 2 of 100
2. Question
1 pointsWhich of the following is NOT an advantage of the double entry system?
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Question 3 of 100
3. Question
1 pointsIn double entry bookkeeping, what happens when you purchase furniture with cash?
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Question 4 of 100
4. Question
1 pointsWho is considered the father of the double entry system of accounting?
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Question 5 of 100
5. Question
1 pointsWhich of the following is classified as a Nominal Account?
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Question 6 of 100
6. Question
1 pointsPersonal accounts are related to:
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Question 7 of 100
7. Question
1 pointsWhat type of account is the ‘Capital Account’?
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Question 8 of 100
8. Question
1 pointsIf a company pays rent, the rent account will be:
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Question 9 of 100
9. Question
1 pointsWhich of the following is a Real Account?
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Question 10 of 100
10. Question
1 pointsIn accounting, a debit entry in a liability account will:
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Question 11 of 100
11. Question
1 pointsWhich of the following transactions will result in a credit to the Bank Account?
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Question 12 of 100
12. Question
1 pointsIn a Trading account, the left side is known as:
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Question 13 of 100
13. Question
1 pointsWhich account will be credited when goods are sold for cash?
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Question 14 of 100
14. Question
1 pointsIf the owner withdraws cash from the business for personal use, which accounts are affected?
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Question 15 of 100
15. Question
1 pointsWhich of the following represents the correct accounting equation?
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Question 16 of 100
16. Question
1 pointsIf assets are ₹50,000 and liabilities are ₹20,000, what is the amount of equity?
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Question 17 of 100
17. Question
1 pointsIf a business has ₹10,00,000 in assets and ₹7,00,000 in liabilities, the capital will be:
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Question 18 of 100
18. Question
1 pointsWhich of the following transactions would increase both assets and liabilities?
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Question 19 of 100
19. Question
1 pointsIf the equity at the beginning of the year is ₹4,00,000 and at the end of the year is ₹5,00,000, what is the profit?
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Question 20 of 100
20. Question
1 pointsIf a business incurs a loss, what happens to the equity?
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Question 21 of 100
21. Question
1 pointsWhat is the purpose of a journal in accounting?
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Question 22 of 100
22. Question
1 pointsWhich of the following is recorded first in the journal entry?
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Question 23 of 100
23. Question
1 pointsA purchase of ₹10,000 made on credit is recorded in the journal as:
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Question 24 of 100
24. Question
1 pointsWhich account is debited when wages are paid in cash?
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Question 25 of 100
25. Question
1 pointsWhat is the journal entry for the introduction of additional capital by the owner?
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Question 26 of 100
26. Question
1 pointsWhen goods are returned to a supplier, which account is credited?
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Question 27 of 100
27. Question
1 pointsWhich of the following is an example of a compound journal entry?
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Question 28 of 100
28. Question
1 pointsThe narration in a journal entry is used to:
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Question 29 of 100
29. Question
1 pointsWhat is the correct journal entry for goods sold on credit?
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Question 30 of 100
30. Question
1 pointsWhich account is debited when goods are withdrawn for personal use?
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Question 31 of 100
31. Question
1 pointsWhich of the following statements is true about the ledger?
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Question 32 of 100
32. Question
1 pointsThe trial balance is prepared to check:
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Question 33 of 100
33. Question
1 pointsIf the debit and credit sides of a trial balance are not equal, it indicates:
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Question 34 of 100
34. Question
1 pointsWhich of the following accounts would appear in the trial balance?
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Question 35 of 100
35. Question
1 pointsIf the total of the debit column in a trial balance exceeds the total of the credit column, it suggests:
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Question 36 of 100
36. Question
1 pointsWhich of the following is NOT recorded in the trial balance?
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Question 37 of 100
37. Question
1 pointsWhich document is prepared after the ledger accounts are balanced?
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Question 38 of 100
38. Question
1 pointsWhat is the purpose of posting entries to the ledger?
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Question 39 of 100
39. Question
1 pointsWhich of the following would NOT be included in a ledger?
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Question 40 of 100
40. Question
1 pointsWhat does balancing a ledger account mean?
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Question 41 of 100
41. Question
1 pointsWhat is GST?
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Question 42 of 100
42. Question
1 pointsWhich of the following taxes was subsumed under GST?
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Question 43 of 100
43. Question
1 pointsWhich of the following is true about GST?
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Question 44 of 100
44. Question
1 pointsWhat is the rate of CGST if SGST is 9%?
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Question 45 of 100
45. Question
1 pointsIn the GST system, the tax on interstate supplies is called:
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Question 46 of 100
46. Question
1 pointsWhich of the following is credited when goods are sold under GST?
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Question 47 of 100
47. Question
1 pointsWhat is the correct journal entry for paying rent of ₹10,000 with 12% GST?
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Question 48 of 100
48. Question
1 pointsWhen goods are returned to a supplier under GST, which accounts are debited?
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Question 49 of 100
49. Question
1 pointsIf a company purchases goods for ₹50,000 and GST is 18%, what is the total amount paid?
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Question 50 of 100
50. Question
1 pointsWhat type of tax is GST considered to be?
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Question 51 of 100
51. Question
1 pointsWhat is the nature of IGST?
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Question 52 of 100
52. Question
1 pointsIf CGST on a transaction is ₹1,200, what will be the SGST?
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Question 53 of 100
53. Question
1 pointsWhich of the following accounts are affected when GST is paid on the purchase of goods?
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Question 54 of 100
54. Question
1 pointsIn which scenario would GST credit be reversed?
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Question 55 of 100
55. Question
1 pointsUnder GST, what is the correct treatment for goods withdrawn for personal use?
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Question 56 of 100
56. Question
1 pointsThe GST paid on inputs is called:
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Question 57 of 100
57. Question
1 pointsWhen is CGST and SGST charged instead of IGST?
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Question 58 of 100
58. Question
1 pointsIf the total GST on a transaction is ₹1,800, how is it split between CGST and SGST?
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Question 59 of 100
59. Question
1 pointsWhich of the following is NOT a feature of GST?
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Question 60 of 100
60. Question
1 pointsWhat is the accounting entry for the utilization of input tax credit?
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Question 61 of 100
61. Question
1 pointsWhat is the primary objective of financial accounting?
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Question 62 of 100
62. Question
1 pointsWhich financial statement shows a company’s financial position at a specific point in time?
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Question 63 of 100
63. Question
1 pointsWhat does a debit balance in the Bank Account signify?
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Question 64 of 100
64. Question
1 pointsDepreciation is classified as:
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Question 65 of 100
65. Question
1 pointsWhich of the following is an intangible asset?
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Question 66 of 100
66. Question
1 pointsA purchase return will have which effect on the accounting equation?
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Question 67 of 100
67. Question
1 pointsWhat is the correct order of preparing financial statements?
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Question 68 of 100
68. Question
1 pointsWhich of the following is NOT an example of a current asset?
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Question 69 of 100
69. Question
1 pointsWhich account is debited when a fixed asset is purchased on credit?
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Question 70 of 100
70. Question
1 pointsWhat is the main purpose of a Cash Flow Statement?
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Question 71 of 100
71. Question
1 pointsWhich accounting concept requires that expenses be matched with revenues?
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Question 72 of 100
72. Question
1 pointsWhich of the following is NOT a liability?
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Question 73 of 100
73. Question
1 pointsWhich of the following is included in shareholders’ equity?
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Question 74 of 100
74. Question
1 pointsWhich account is credited when goods are sold on credit?
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Question 75 of 100
75. Question
1 pointsWhat is the impact on equity when expenses are incurred?
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Question 76 of 100
76. Question
1 pointsRamesh started a business with ₹5,00,000 cash. What is the correct journal entry?
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Question 77 of 100
77. Question
1 pointsGoods worth ₹2,00,000 are purchased on credit from Mohan. Which accounts are affected?
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Question 78 of 100
78. Question
1 pointsA cheque of ₹10,000 is received from a customer. How will it be recorded?
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Question 79 of 100
79. Question
1 pointsIf a business pays ₹5,000 for electricity, which account is debited?
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Question 80 of 100
80. Question
1 pointsWhich of the following is a contra account to the Sales Account?
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Question 81 of 100
81. Question
1 pointsWhat is the purpose of the Purchases Returns Book?
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Question 82 of 100
82. Question
1 pointsWhich of the following is a source document in accounting?
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Question 83 of 100
83. Question
1 pointsWhich of the following is an example of a capital expenditure?
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Question 84 of 100
84. Question
1 pointsWhat is the purpose of the Petty Cash Book?
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Question 85 of 100
85. Question
1 pointsWhat is the purpose of a Suspense Account?
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Question 86 of 100
86. Question
1 pointsWhat is the purpose of a Provision for Doubtful Debts?
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Question 87 of 100
87. Question
1 pointsWhat is the purpose of a Provision for Depreciation Account?
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Question 88 of 100
88. Question
1 pointsWhat is the purpose of a Bad Debts Account?
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Question 89 of 100
89. Question
1 pointsWhat is the purpose of a Provision for Discount on Debtors Account?
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Question 90 of 100
90. Question
1 pointsWhat is the purpose of a Provision for Discount on Creditors Account?
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Question 91 of 100
91. Question
1 pointsWhat is the purpose of a Provision for Discount on Bills Receivable Account?
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Question 92 of 100
92. Question
1 pointsWhat is the purpose of a Provision for Discount on Bills Payable Account?
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Question 93 of 100
93. Question
1 pointsWhat is the purpose of a Provision for Discount on Investments Account?
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Question 94 of 100
94. Question
1 pointsWhat is the purpose of a Provision for Discount on Debentures Account?
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Question 95 of 100
95. Question
1 pointsWhat is the purpose of a Provision for Discount on Shares Account?
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Question 96 of 100
96. Question
1 pointsWhat is the purpose of a Provision for Discount on Debentures Issued at a Premium Account?
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Question 97 of 100
97. Question
1 pointsWhat is the purpose of a Provision for Discount on Shares Issued at a Premium Account?
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Question 98 of 100
98. Question
1 pointsWhat is the purpose of a Provision for Discount on Calls in Arrears Account?
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Question 99 of 100
99. Question
1 pointsWhat is the purpose of a Provision for Discount on Calls in Advance Account?
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Question 100 of 100
100. Question
1 pointsWhat is the purpose of a Provision for Discount on Calls in Advance and Calls in Arrears Account?
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