write:The process of recording business transactions in a book of original entry is known as (a) Journal (b) Balance (c) posting (d) none4. Prepaid rent is a (a) Nominal A/c (b) rep

50030Deposited cash in the bank `10
000Ans: Cash in hand `7
870
Bank = (Dr.) `12
150
Discount = (Dr.) `
Cr. ` 10. Prepare Columnar Petty Cash Book on imprest system from the following particulars:2015`2015`June 1Received for petty cash payments1
000June 20Paid for conveyance442Paid for postage8025Paid for travelling expenses1605Paid for stationery5027Paid for postage1008Paid for advertisement10028Wages to office cleaner2012Paid for wages4030Paid for telegrams4016Paid for carriage3030Sent registered notice to landlord6Ans: Petty Cash balance = `330Multiple Choice Questions:1. Nominal Account represents (a) Profit & gain (b) Loss/Expenses (c) None (d) Both (A) and (B)2. S.B.I Account is a … (a) Nominal (b) Artificial personal Account (c) Representative personal Account (d) None3. The process of recording business transactions in a book of original entry is known as (a) Journal (b) Balance (c) posting (d) none4. Prepaid rent is a (a) Nominal A/c (b) representative personal A/c (c) tangible assets account (d) none5. In an Account if debit > credit side
the balance is known as the (a) Negative balance (b) Debit balance (c) Positive balance (d) Credit balance6. A sale of goods to Ram for cash should be debited to: (a) Ram (b) Cash (c) Sales (d) Capital7. A withdrawal of cash from business by the proprietor should be credited to (a) Drawing A/c (b) Capital A/c (c) Cash A/c (d) Purchase A/c8. Rent Account (a) Personal (b) Real (c) Nominal (d) None9. Ledger contains various ____ in it (a) Transactions (b) Entries (c) Accounts (d) None10. The process of transfer of entries from day book to ledgers is called ___ (a) Simple posting (b) Journal posting (c) Transaction (d) Ledger posting11. The rent paid to landlord is credited to (a) Landlord’s A/c (b) Rent A/c (c) Cash A/c (d) None12. Which financial statement represents the accounting equation- Assets = Liabilities + Owner’s equity: (a) Income Statement (b) Statement of Cash flows (c) Balance Sheet (d) None13. The debts written off as bad
if recovered subsequently are (a) Credited to Bad Debts recovered A/c (b) Credited to trade receivables Account (c) Debited to profit and Loss Account (d) None14. A trial balance will not balance if ____ (a) correct entry is posted twice