Credit sale of goods recorded in cash book receipts side.

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

In a perpetual inventory system, the Cost of Goods Sold account is used a. only when a cash sale of merchandise occurs. b. only when a credit sale of merchandise occurs. c. only when a sale of merchandise occurs. d. whenever there is a sale of merchandise or a return of merchandise sold.

Description : In a perpetual inventory system, the Cost of Goods Sold account is used a. only when a cash sale of merchandise occurs. b. only when a credit sale of merchandise occurs. c. only when a sale of merchandise occurs. d. whenever there is a sale of merchandise or a return of merchandise sold.

Last Answer : b. only when a credit sale of merchandise occurs.

Receipts and Payments Account is an abbreviated form of– (A) Cash Book (B) Pass Book (C) Both Cash Book and Pass Book (D) None of the above

Description : Receipts and Payments Account is an abbreviated form of– (A) Cash Book (B) Pass Book (C) Both Cash Book and Pass Book (D) None of the above

Last Answer : Answer: Cash Book

In a perpetual inventory system, cost of goods sold is recorded a. on a daily basis. b. on a monthly basis. c. on an annual basis. d. with each sale.

Description : In a perpetual inventory system, cost of goods sold is recorded a. on a daily basis. b. on a monthly basis. c. on an annual basis. d. with each sale.

Last Answer : d. with each sale.

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.

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

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

Last Answer : Give the word term or phrase which can substitute each of the following statement : (i) ... of goods or services for immediate cash payment.

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.

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.

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 sale proceeds of Government Bonds come under the budget head of - (1) Revenue Receipts (2) Current Expenditure (3) Capital Outlay (4) Capital Receipts

Description : The sale proceeds of Government Bonds come under the budget head of - (1) Revenue Receipts (2) Current Expenditure (3) Capital Outlay (4) Capital Receipts

Last Answer : (4) Capital Receipts Explanation: Capital receipts are the funds received into the businesses that are not part of the operating activities of the establishment. Capital receipts primarily include external ... furniture, investment (long term) etc., which shall not be occurring all the time.

The sale proceeds of Government Bonds come under the budget head of (1) Revenue Receipts (2) Current Expenditure (3) Capital Outlay (4) Capital Receipts

Description : The sale proceeds of Government Bonds come under the budget head of (1) Revenue Receipts (2) Current Expenditure (3) Capital Outlay (4) Capital Receipts

Last Answer : Capital Receipts

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

The ordinary examination of financial statements is not primarily designed to disclose defalcations and other irregularities although their discovery may result. Normal audit procedures are more likely to detect a fraud arising from a. Theft of inventories. b. Collusion on the part of several employees. c. Failure to record cash receipts for services rendered. d. Forgeries on company checks

Description : The ordinary examination of financial statements is not primarily designed to disclose defalcations and other irregularities although their discovery may result. Normal audit procedures are more likely to ... . Failure to record cash receipts for services rendered. d. Forgeries on company checks

Last Answer : Theft of inventories

The ordinary examination of financial statements is not primarily designed to disclose defalcations and other irregularities although their discovery may result. Normal audit procedures are more likely to detect a fraud arising from a. Collusion on the part of several employees. b. Failure to record cash receipts for services rendered. c. Forgeries on company checks. d. Theft of inventories

Description : The ordinary examination of financial statements is not primarily designed to disclose defalcations and other irregularities although their discovery may result. Normal audit procedures are more likely to ... receipts for services rendered. c. Forgeries on company checks. d. Theft of inventories

Last Answer : Theft of inventories

The_______ of an office will ordinarily be a sum equal to the average _________multiplied by the number of days in which funds can be obtained, plus a percentage of the average ___________(if necessary), as a margin – the amount of which will depend upon the extent of the difference between the receipts and payments, and other considerations a) Minimum cash balance , daily payments, daily payments a) Maximum cash balance , daily payments, daily payments a) Minimum cash balance , daily payments, daily receipts a) None of these

Description : The_______ of an office will ordinarily be a sum equal to the average _________multiplied by the number of days in which funds can be obtained, plus a percentage of the average ___________(if ... payments, daily payments a) Minimum cash balance , daily payments, daily receipts a) None of these

Last Answer : a) Minimum cash balance , daily payments, daily payments

Cash receipts from royalties is an example of cash flow from__________ a) Investing activities b) Financing activities c) Operating activities d) None of these

Description : Cash receipts from royalties is an example of cash flow from__________ a) Investing activities b) Financing activities c) Operating activities d) None of these

Last Answer : a) Investing activities

Cash flows include a) Cash payments only b) Cash receipts only c) Cash receipts and payments d) Cash and noncash incomes and expenses.

Description : Cash flows include a) Cash payments only b) Cash receipts only c) Cash receipts and payments d) Cash and noncash incomes and expenses.

Last Answer : c) Cash receipts and payments

Pick out the wrong statement. (A) Gross revenue is that total amount of capital received as a result of the sale of goods or service (B) Net revenue is the total profit remaining after deducting all costs excluding taxes (C) The ratio of immediately available cash to the total current liabilities is known as the cash ratio (D) Consolidated income statement based on a given time period indicates surplus capital and shows the relationship among total income, costs & profit over the time interval

Description : Pick out the wrong statement. (A) Gross revenue is that total amount of capital received as a result of the sale of goods or service (B) Net revenue is the total profit remaining ... indicates surplus capital and shows the relationship among total income, costs & profit over the time interval

Last Answer : (C) Working capital turnover ratio = sales/net working capital

When goods are returned that relate to a prior cash sale, a. the Sales Returns and Allowances account should not be used. b. the cash account will be credited. c. Sales Returns and Allowances will be credited. d. Accounts Receivable will be credited.

Description : When goods are returned that relate to a prior cash sale, a. the Sales Returns and Allowances account should not be used. b. the cash account will be credited. c. Sales Returns and Allowances will be credited. d. Accounts Receivable will be credited.

Last Answer : b. the cash account will be credited.

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

(i) Excess of a total of debit side over a total of credit side of Cash Book, Bank column.

Description : (i) Excess of a total of debit side over a total of credit side of Cash Book, Bank column.

Last Answer : Give one word/term/phrase which can substitute each of the following statements: (i) Excess of a ... balance of the bank column of the Cash Book.

Record-keeping question - how long to keep receipts and credit card bills?

Description : Record-keeping question - how long to keep receipts and credit card bills?

Last Answer : i tend to keep one year back since the records are also in my online banking account. And taxes seven years back.

A) PayUmoney Explanation: It can allow even the smallest of merchants to start accepting card based payments. It can accept all credit/debit cards. The POS terminal is easy to set up, can be operated using a pre- or post-paid SIM, and does away with the use of paper receipts—making it cost & battery effective, and, of course, very environment friendly. With a simple and hassle-free documentation policy, a merchant can start using a PayUmoney POS terminal within 48 hours of signing up for the service.

Description : A) PayUmoney Explanation: It can allow even the smallest of merchants to start accepting card based payments. It can accept all credit/debit cards. The POS terminal is easy to set up, can be ... , a merchant can start using a PayUmoney POS terminal within 48 hours of signing up for the service.

Last Answer : Which of the following company launched “Receive and Win” campaign for Ramzan? A) Mobikwik B) Freecharge C) Paytm D) MoneyGram E) Udio

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) 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.

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

Sales revenues are usually considered earned when a. cash is received from credit sales. b. an order is received. c. goods have been transferred from the seller to the buyer. d. adjusting entries are made.

Description : Sales revenues are usually considered earned when a. cash is received from credit sales. b. an order is received. c. goods have been transferred from the seller to the buyer. d. adjusting entries are made.

Last Answer : d. adjusting entries are made.

Discounts received are A) Deducted by us when we pay our accounts B) Deducted when we receive cash C) Given by us when we sell goods on credit D) None of these

Description : Discounts received are A) Deducted by us when we pay our accounts B) Deducted when we receive cash C) Given by us when we sell goods on credit D) None of these

Last Answer : Answer: A

Donations received for the special purpose will be taken to the– (A) Income and Expenditure Account (B) Assets side of the Balance Sheet (C) Liabilities side of the Balance Sheet (D) Receipts and Payments Account

Description : Donations received for the special purpose will be taken to the– (A) Income and Expenditure Account (B) Assets side of the Balance Sheet (C) Liabilities side of the Balance Sheet (D) Receipts and Payments Account

Last Answer : Answer: Liabilities side of the Balance Sheet

Direct deposit by a customer will be recorded on __________ side of Pass Book. 

Description : Direct deposit by a customer will be recorded on __________ side of Pass Book. 

Last Answer : Direct deposit by a customer will be recorded on __________ side of Pass Book. (a) debit (b) credit (c) left hand (d) any

Interest on bank overdraft is recorded on _________ side of Pass Book. 

Description : Interest on bank overdraft is recorded on _________ side of Pass Book. 

Last Answer : Interest on bank overdraft is recorded on _________ side of Pass Book. (a) debit (b) credit (c) any (d) both

Bank charges charged by bank are recorded on _________ side of Pass Book. 

Description : Bank charges charged by bank are recorded on _________ side of Pass Book. 

Last Answer : Bank charges charged by bank are recorded on _________ side of Pass Book. (a) debit (b) credit (c) any (d) both

Mark the correct option a) SB 26 denotes preliminary receipt b) SB 28 denotes receipts for depositors passbook c) SB 58 denotes long book d) All the above

Description : Mark the correct option a) SB 26 denotes preliminary receipt b) SB 28 denotes receipts for depositors passbook c) SB 58 denotes long book d) All the above

Last Answer : d) All the above

Book of BO receipts containing _______ pringed serialy numbered receipts in _____ is supplied to the _____ a) 50, duplicate, BO b) 100, triplicate, BOc) 100, duplicate, BO d) 100, duplicate, EDPO

Description : Book of BO receipts containing _______ pringed serialy numbered receipts in _____ is supplied to the _____ a) 50, duplicate, BO b) 100, triplicate, BO c) 100, duplicate, BO d) 100, duplicate, EDPO

Last Answer : c) 100, duplicate, BO

The Inspector should, whenever he meets a village postman out in his beat or at the office to which he is attached, examine a) His bag to see whether he carries postage stamps, forms, etc., b) His book of receipts are pasted to the counterfoils of receipts for articles registered by him. c) Both the A and B d) Either A or B

Description : The Inspector should, whenever he meets a village postman out in his beat or at the office to which he is attached, examine a) His bag to see whether he carries postage stamps, forms, etc., b) His ... counterfoils of receipts for articles registered by him. c) Both the A and B d) Either A or B

Last Answer : c) Both the A and B

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.

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

Which of the following is an example of fraudulent financial reporting? a. The treasurer diverts customer payments to his personal due, concealing hisactions by debiting an expense account,thus overstating expenses. b. Company management changesinventory count tags and overstatesending inventory, while understatingcost of goods sold. c. An employee steals inventory and the“shrinkage” is recorded in cost of goodssold. d. An employee steals small tools from thecompany and neglects to return them;the cost is reported as a miscellaneousoperating expense

Description : Which of the following is an example of fraudulent financial reporting? a. The treasurer diverts customer payments to his personal due, concealing hisactions by debiting an expense account, thus ... the company and neglects to return them; the cost is reported as a miscellaneous operating expense

Last Answer : Company management changes inventory count tags and overstates ending inventory, while understating cost of goods sold

A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these

Description : A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in ... is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these

Last Answer : (b) Conservatism

What does the credit balance of Cash Book indicate?

Description : What does the credit balance of Cash Book indicate?

Last Answer : What does the credit balance of Cash Book indicate?