(i) System in which entry is recorded for cash as well as credit transactions.

(i) System in which entry is recorded for cash as well as credit transactions.
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Give the word term or phrase which can substitute each of the following statement : (i) ... of goods or services for immediate cash payment.
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Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is a. debit Cash, $940; credit Accounts Receivable, $940. b. debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940. c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.

Description : Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The ... Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.

Last Answer : c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940.

All transactions are recorded in the Single Entry System

Description : All transactions are recorded in the Single Entry System

Last Answer : State True or False with reasons: All transactions are recorded in the Single Entry System

Most of the independent auditor's work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets

Description : Most of the independent auditor's work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets

Last Answer : Obtaining and examining evidential matter

In credit transactions, goods or services are purchased for cash only

Description : In credit transactions, goods or services are purchased for cash only

Last Answer : State whether the following statement are true or false with reason : In credit transactions, goods or services are purchased for cash only

Which one of the following transactions changes the current ratio ? (A) Purchase of goods for cash (B) Plant acquired on account (C) Sold goods on credit (D) Debentures converted into equity capital

Description : Which one of the following transactions changes the current ratio ? (A) Purchase of goods for cash (B) Plant acquired on account (C) Sold goods on credit (D) Debentures converted into equity capital

Last Answer : Answer: Plant acquired on account

What does ECS in banking transactions stand for? (1) Excess Credit Supervisor (2) Extra Cash Status (3) Exchange Clearing Standard (4) Electronic Clearing Service

Description : What does ECS in banking transactions stand for? (1) Excess Credit Supervisor (2) Extra Cash Status (3) Exchange Clearing Standard (4) Electronic Clearing Service

Last Answer : (4) Electronic Clearing Service Explanation: Electronic Clearing Service is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing ... tax, etc or for loan installments of financial institutions/banks or regular investments of persons.

In Electronic cash payment a. a debit card payment system is used b. a customer buys several electronic coins which are digitally signed by coin issuing bank c. a credit card payment system is used d. RSA cryptography is used in the transactions

Description : In Electronic cash payment a. a debit card payment system is used b. a customer buys several electronic coins which are digitally signed by coin issuing bank c. a credit card payment system is used d. RSA cryptography is used in the transactions 

Last Answer : b. a customer buys several electronic coins which are digitally signed by coin issuing bank 

What does ECS in banking transactions stand for ? (1) Excess Credit Supervisor (2) Extra Cash Status (3) Exchange Clearing Standard (4) lectronic Clearing Service

Description : What does ECS in banking transactions stand for ? (1) Excess Credit Supervisor (2) Extra Cash Status (3) Exchange Clearing Standard (4) lectronic Clearing Service 

Last Answer : lectronic Clearing Service

Credit sale of goods recorded in cash book receipts side.

Description : Credit sale of goods recorded in cash book receipts side.

Last Answer : Correct the following sentences and rewrite them same : (i) Credit sale of goods recorded in ... The dividend received is a loss for the business

Sales revenue a. may be recorded before cash is collected. b. will always equal cash collections in a month. c. only results from credit sales. d. is only recorded after cash is collected.

Description : Sales revenue a. may be recorded before cash is collected. b. will always equal cash collections in a month. c. only results from credit sales. d. is only recorded after cash is collected.

Last Answer : a. may be recorded before cash is collected.

A credit memorandum is used as documentation for a journal entry that requires a debit to a. Sales and a credit to Cash. b. Sales Returns and Allowances and a credit to Accounts Receivable. c. Accounts Receivable and a credit to a contra-revenue account. d. Cash and a credit to Sales Returns and Allowances.

Description : A credit memorandum is used as documentation for a journal entry that requires a debit to a. Sales and a credit to Cash. b. Sales Returns and Allowances and a credit to Accounts Receivable. c. ... and a credit to a contra-revenue account. d. Cash and a credit to Sales Returns and Allowances.

Last Answer : d. Cash and a credit to Sales Returns and Allowances.

he journal entry to record a credit sale is a. Cash Sales b. Cash Service Revenue c. Accounts Receivable Service Revenue d. Accounts Receivable Sales

Description : he journal entry to record a credit sale is a. Cash Sales b. Cash Service Revenue c. Accounts Receivable Service Revenue d. Accounts Receivable Sales

Last Answer : d. Accounts Receivable Sales

The entry to record the receipt of payment within the discount period on a sale of $750 with terms of 2/10, n/30 will include a credit to a. Sales Discounts for $15. b. Cash for $735. c. Accounts Receivable for $750. d. Sales for $750.

Description : The entry to record the receipt of payment within the discount period on a sale of $750 with terms of 2/10, n/30 will include a credit to a. Sales Discounts for $15. b. Cash for $735. c. Accounts Receivable for $750. d. Sales for $750.

Last Answer : c. Accounts Receivable for $750.

(i) A system of book-keeping in which both the aspects of transactions are recorded.

Description : (i) A system of book-keeping in which both the aspects of transactions are recorded.

Last Answer : Write a word, term, or phrase which can substitute each of the following statements : (i) A ... find out profit or loss under a single entry system.

Which transactions are recorded in the Return Inward Book?

Description : Which transactions are recorded in the Return Inward Book?

Last Answer : Which transactions are recorded in the Return Inward Book?

Which transactions are recorded in the Return Outward Book?

Description : Which transactions are recorded in the Return Outward Book?

Last Answer : Which transactions are recorded in the Return Outward Book?

All transactions are recorded directly in the ledger.

Description : All transactions are recorded directly in the ledger.

Last Answer : State whether the following statement are ‘True or False’ with reason : All transactions are recorded directly in the ledger.

Transactions can be recorded in any order in the Journal.

Description : Transactions can be recorded in any order in the Journal.

Last Answer : Correct the following statement and rewrite the statement : Transactions can be recorded in any order in the Journal.

In which order the transactions are recorded in a journal.

Description : In which order the transactions are recorded in a journal.

Last Answer : In which order the transactions are recorded in a journal.

In Book-keeping & Accountancy nonmonetary transactions are also recorded.

Description : In Book-keeping & Accountancy nonmonetary transactions are also recorded.

Last Answer : State whether the following statement are true or false with reason : In Book-keeping & Accountancy nonmonetary transactions are also recorded.

Which of the following does an auditor least likely perform in assessing audit risk? a. Understand the economic substance of significant transactions completed by the client. b. Understand the entity and the industry in which it operates. c. Gather audit evidence in support of recorded transactions. d. Obtain an understanding of the client's system of internal contro

Description : Which of the following does an auditor least likely perform in assessing audit risk? a. Understand the economic substance of significant transactions completed by the client. b. Understand the entity ... of recorded transactions. d. Obtain an understanding of the client's system of internal contro

Last Answer : Gather audit evidence in support of recorded transactions

Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. b. Analytical procedures used as risk assessment procedures use data aggregated at a high level. c. Analytical procedures can replace tests of controls in gathering audit evidence to support the assessed level of control risk. d. Analytical procedures usually involve comparisons of ratios developed from recorded amounts with ratios developed by management

Description : Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. ... usually involve comparisons of ratios developed from recorded amounts with ratios developed by management

Last Answer : Analytical procedures used as risk assessment procedures use data aggregated at a high level.

All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting of closing entries have been properly completed. c. contains only permanent accounts. d. proves that all transactions have been recorded.

Description : All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting ... . c. contains only permanent accounts. d. proves that all transactions have been recorded.

Last Answer : d. proves that all transactions have been recorded.

Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.

Description : Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.

Last Answer : D] Expenses should be matched with the revenue of the period.

The first required step in the accounting cycle is a. reversing entries. b. journalizing transactions in the book of original entry. c. analyzing transactions. d. posting transactions.

Description : The first required step in the accounting cycle is a. reversing entries. b. journalizing transactions in the book of original entry. c. analyzing transactions. d. posting transactions.

Last Answer : c. analyzing transactions.

In Frame Relay, when a _____ is selected, the correspondingtable entry is recorded for all switches by the administrator A) PVC B) SVC C) either (a) or (b) D) neither (a) nor (b)

Description : In Frame Relay, when a _____ is selected, the correspondingtable entry is recorded for all switches by the administrator A) PVC B) SVC C) either (a) or (b) D) neither (a) nor (b)

Last Answer : PVC

20) Use Accounting Equation to show the effect of the following transactions of Ram Traders.a) Started business with cash ₹ 1,00,000.b) Bought goods for cash \( ₹ 20,000 \).c) Cash sales ₹ \( 60,000 . \)

Description : 20) Use Accounting Equation to show the effect of the following transactions of Ram Traders.a) Started business with cash ₹ 1,00,000.b) Bought goods for cash \( ₹ 20,000 \).c) Cash sales ₹ \( 60,000 . \)

Last Answer : 20) Use Accounting Equation to show the effect of the following transactions of Ram Traders. a) Started ... 000 . c) Cash sales ₹ 60,000 .

In cash transactions, goods or services are purchased for a certain value to be paid in the future.

Description : In cash transactions, goods or services are purchased for a certain value to be paid in the future.

Last Answer : State whether the following statement are true or false with reason : In cash transactions, goods or ... a certain value to be paid in the future.

The Aadhaar-Enabled Payment Systems(AEPS) is a bank led model that facilitates banking facilities by allowing transactions at Point of Sale through the Business Correspondent (BC) using the Aadhaar authentication number. Aadhaar enabled basic types of banking do not include A. Balance Enquiry B. Cash Withdrawal C. Online Payment D. Cash Deposit E. Aadhaar to Aadhaar funds transfer

Description : The Aadhaar-Enabled Payment Systems(AEPS) is a bank led model that facilitates banking facilities by allowing transactions at Point of Sale through the Business Correspondent (BC) using the Aadhaar ... . Cash Withdrawal C. Online Payment D. Cash Deposit E. Aadhaar to Aadhaar funds transfer

Last Answer : C. Online Payment Explanation: Services Offered by AEPS: Balance Enquiry Cash Withdrawal Cash Deposit Aadhaar to Aadhaar Fund Transfer Gateway Authentication Services

Which of the following statements is not correct? A. For the purpose of Funds Flow Statement, the term 'fund ' generally refers to net working capital B. Funds flow is a wider concept than the Cash flow C. The flow of funds must arise due to external and not internal transactions of the business D. The capitalisation of reserves by the issue of bonus shares also involves flow of funds

Description : Which of the following statements is not correct? A. For the purpose of Funds Flow Statement, the term 'fund ' generally refers to net working capital B. Funds flow is a wider concept than ... business D. The capitalisation of reserves by the issue of bonus shares also involves flow of funds

Last Answer : D. The capitalisation of reserves by the issue of bonus shares also involves flow of funds

Cash Receipt In the journal Recorded Is Which one ?

Last Answer : Cash Receipt In the journal Recorded Is in cash Products Sale '

Interest on overdraft charged by the bank is recorded in the cash column.

Description : Interest on overdraft charged by the bank is recorded in the cash column.

Last Answer : State whether the following statement are True or False with reason : Interest on overdraft charged by the bank is recorded in the cash column.

Reasons for holding cash balances in excess of the prescribed maximum an below prescribed minimum and the reasons for holding stamps balances excess should be recorded in a) Postmaster daily dairy b) Rough daily account c) Daily account cash excess column d) Remarks column of daily account

Description : Reasons for holding cash balances in excess of the prescribed maximum an below prescribed minimum and the reasons for holding stamps balances excess should be recorded in a) Postmaster daily dairy b) Rough daily account c) Daily account cash excess column d) Remarks column of daily account

Last Answer : d) Remarks column of daily account

Which of the following relatively small misstatements most likely could have a material effect on an entity’s financial statements? a. A piece of obsolete office equipment that was not retired. b. An illegal payment to a foreign official that was not recorded. c. A petty cash fund disbursement that was not properly authorized. d. An uncollectible account receivable that was not written off.

Description : Which of the following relatively small misstatements most likely could have a material effect on an entity's financial statements? a. A piece of obsolete office equipment that was not retired. ... that was not properly authorized. d. An uncollectible account receivable that was not written off.

Last Answer : An illegal payment to a foreign official that was not recorded.

The reason for keeping excess cash should be recorded in ------------- a. HO Summary b. Treasure’s Cash Book c Cash Account

Description : The reason for keeping excess cash should be recorded in ------------- a. HO Summary b. Treasure’s Cash Book c Cash Account

Last Answer : a. HO Summary

On what basis the transaction recorded in treasures cash Book a. on the basis of amount b. on the basis of time they occur c. None of these On what basis the transaction recorded in treasures cash Book a. on the basis of amount b. on the basis of time they occur c. None of these

Description : On what basis the transaction recorded in treasures cash Book a. on the basis of amount b. on the basis of time they occur c. None of these

Last Answer : b. on the basis of time they occur

In a perpetual inventory system, a return of defective merchandise by a cash customer is recorded by crediting a. Accounts Payable and Cash. b. Merchandise Inventory and Cost of Goods Sold c. Purchases Returns and Allowances and Merchandise Inventory. d. .Cash and Cost of Goods Sold.

Description : In a perpetual inventory system, a return of defective merchandise by a cash customer is recorded by crediting a. Accounts Payable and Cash. b. Merchandise Inventory and Cost of Goods Sold c. Purchases Returns and Allowances and Merchandise Inventory. d. .Cash and Cost of Goods Sold.

Last Answer : d. .Cash and Cost of Goods Sold.

The beneficiary can expect to get credit for the NEFT transactions within ______business hours. A. 2 B. 3 C. 1 D. None of the Above

Description : The beneficiary can expect to get credit for the NEFT transactions within ______business hours. A. 2 B. 3 C. 1 D. None of the Above

Last Answer : A. 2 Explanation: The beneficiary can expect to get credit for the NEFT transactions within two business hours (currently NEFT business hours is from morning 8 AM to evening 7 PM on all week days ... morning 8 AM to afternoon 1 PM on Saturdays) from the batch in which the transaction was settled.

B) CaixaBank Explanation: As per the agreement, they will expand banks‘ guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local enterprises The banks will collaborate in areas of mutual interest such as syndicated loan business, guarantee transactions, trade finance and export credit agency finance, infrastructure finance and networking services, among others.

Description : B) CaixaBank Explanation: As per the agreement, they will expand banks guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local ... finance and export credit agency finance, infrastructure finance and networking services, among others.

Last Answer : Recently an Indian bank launched next generation features on its app „iMobile‟ which will enable customers to instantly pay taxes and book railway tickets within the app. Name the bank. A) Federal Bank B) Punjab National Bank C) Kotak Mahindra Bank D) ICICI Bank E) Bandhan Bank

On October 4, 2008, Terry Corporation had credit sales transactions of $2,800 from merchandise having cost $1,900. The entries to record the day's credit transactions include a a. debit of $2,800 to Merchandise Inventory. b. credit of $2,800 to Sales. c. debit of $1,900 to Merchandise Inventory. d. credit of $1,900 to Cost of Goods Sold.

Description : On October 4, 2008, Terry Corporation had credit sales transactions of $2,800 from merchandise having cost $1,900. The entries to record the day's credit transactions include a a. debit of $2,800 to ... c. debit of $1,900 to Merchandise Inventory. d. credit of $1,900 to Cost of Goods Sold.

Last Answer : b. credit of $2,800 to Sales.

Disadvantages of e-Commerce in India are (i) internet access is not universally available (ii) Credit card payment security is not yet guaranteed (iii) Transactions are de-personalized and human contact is missing (iv) Cyberlaws are not in place a. i and ii b. ii and iii c. i, ii, iii d. i, ii, iii, iv

Description : Disadvantages of e-Commerce in India are  (i) internet access is not universally available  (ii) Credit card payment security is not yet guaranteed  (iii) Transactions are de-personalized and human contact is missing  (iv) Cyberlaws ... i and ii b. ii and iii c. i, ii, iii d. i, ii, iii, iv

Last Answer : c. i, ii, iii  

Which of the following entry will be made in BO a) To invoice remittance noting the details of cash( including stamps) sent to the branch office b) To confirm the accuracy of the daily account last received from the BO by entering the balance in words and figure of last BO daily account c) To Note the particulars of articles, documents, account office receipts, sent to the branch office. d) To give instructions to the BPM whenever necessary e) All the above

Description : Which of the following entry will be made in BO a) To invoice remittance noting the details of cash( including stamps) sent to the branch office b) To confirm the accuracy of the daily account last ... to the branch office. d) To give instructions to the BPM whenever necessary e) All the above

Last Answer : e) All the above

If an unpaid article sent to BO is returned as undelivered the article will be a) Returned to sender after deducting the amount of postage from the cash and stamp balance of BO b) Returned to sender after deducting the amount of postage from cash and stamp of the SO c) Returned to sender after simply taking suitable entry in unpaid postage account in BO d) Returned to sender simply as ordinary letter

Description : If an unpaid article sent to BO is returned as undelivered the article will be a) Returned to sender after deducting the amount of postage from the cash and stamp balance of BO b) Returned ... taking suitable entry in unpaid postage account in BO d) Returned to sender simply as ordinary letter

Last Answer : c) Returned to sender after simply taking suitable entry in unpaid postage account in BO

What is the name of entry which is used in Bank Column cash book to record the money transaction?

Description : What is the name of entry which is used in Bank Column cash book to record the money transaction?

Last Answer : Contra entry

(i) Machinery purchase on credit will be recorded in ___________ subsidiary book.

Description : (i) Machinery purchase on credit will be recorded in ___________ subsidiary book.

Last Answer : Complete the following sentences: (i) Machinery purchase on credit will be recorded in ___________ ... ) _______ Cheque is more safer for payments.

(i) Subsidiary book in which only credit sale of goods is recorded.

Description : (i) Subsidiary book in which only credit sale of goods is recorded.

Last Answer : Give a word/term or phrase for each of the following statements: (i) Subsidiary book in ... the basis of which Purchase Return Book is prepared.

Jake’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $20,000, terms 2/10, n/30. Returned $400 of the shipment for credit. Paid $100 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s merchandise inventory a. increased by $19,208. b. increased by $19,700. c. increased by $19,306. d. increased by $19,308.

Description : Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for $20,000, terms 2/10, n/30. Returned $400 of the shipment for credit. Paid $100 freight on the shipment. ... . b. increased by $19,700. c. increased by $19,306. d. increased by $19,308.

Last Answer : d. increased by $19,308.

Zach’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $50,000, terms 2/10, n/30. Returned $1,000 of the shipment for credit. Paid $250 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s merchandise inventory a. increased by $48,020. b. increased by $49,250. c. increased by $48,265. d. increased by $48,270.

Description : Zach's Market recorded the following events involving a recent purchase of merchandise: Received goods for $50,000, terms 2/10, n/30. Returned $1,000 of the shipment for credit. Paid $250 freight on the shipment ... 020. b. increased by $49,250. c. increased by $48,265. d. increased by $48,270.

Last Answer : d. increased by $48,270.

The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a. Accounts Payable. b. Purchase Returns and Allowances. c. Sales. d. Merchandise Inventory.

Description : The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a. Accounts Payable. b. Purchase Returns and Allowances. c. Sales. d. Merchandise Inventory.

Last Answer : d. Merchandise Inventory.

ncome Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings $12,000. b. credit Income Summary $12,000, debit Dividends $12,000. c. debit Income Summary $12,000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000.

Description : ncome Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings ... 000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000.

Last Answer : d. debit Income Summary $12,000, credit Retained Earnings $12,000.