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Quiz onDouble Entry System

Question: 1

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What is Accounting equation in Double Entry System

Assets - Liabilities = Equity + (Income – Expenses)

Question: 2

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Concept of Double Entry System is called:

Principle of Balance

Question: 3

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Name Three types of Accounts in Double Entry

PersonalNominalReal

Question: 4

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Quote the Golden Rule of Double Entry System:

Debit the receiver and Credit the giver.Debit all expenses and losses and Credit all income and liabilities.Debit what comes in and credit what goes out.

Question: 5

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Abbreviation used for Account

A/C

Question: 6

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Abbreviation used for Balance Sheet

B/S

Question: 7

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Abbreviation used for Debit Record

Dr

Question: 8

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Abbreviation used for Credit Record

Cr

Question: 9

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Abbreviation used for Balance Sheet

B/S

Question: 10

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Abbreviation used for – Trial Balance

TB

Question: 11

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Abbreviation used for Profit & Loss

P&L

Question: 12

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What is Cash Book ?

A Ledger Account in which Cash transactions entered in chronologically.

Question: 13

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What is Journal ?:

Accounting transactions are entered as they occur on Daily Basis.

Question: 14

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What is Trial Balance?:

List of all debit entries in ledger and total of all credit entries, prepared at the end of the accounting period

Question: 15

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What is Income & Expenditure A/c ?:

Account prepared at the end of accounting period which shows the revenues and expenses and shows the net result.

Question: 16

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What is Suspense Account ?:

An account used temporarily to carry doubtful receipts & payments or discrepancies pending their analysis and permanent classification.

Question: 17

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What is Sundry Account ?:

Temporary Accounts used for miscellaneous purposes.

Question: 18

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Rama deposited Rs 1000 to SB Account.How this has to be dealt in Double Entry?

Cash A/C Dr 5000To Ramas SB Account 5000.

Question: 19

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Seetha Withdrawn Rs 5000 from SB Account.How this has to be dealt in Double Entry?

Seetha SB Account Dr 5000To Cash Account 5000

Question: 20

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Purchase of Furniture costing Rs 10000 for office.How this is to be treated in Double Entry?

Furniture A/C Dr 10000To Cash A/C 10000

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