Important Questions with Answers for CBSE Class 11 Accountancy Chapter Chapter 3 Recording of Transactions 1 which is outlined by expert Accountancy teachers from the latest version of CBSE (NCERT) books.
CBSE Class 11 Accountancy Chapter -3 Important Questions
Define compound voucher.
Answer: Compound vouchers are those vouchers which record different single or multiple debit/credit transactions.
Define a journal voucher.
Answer: Journal voucher is a document that contains essential information pertaining to a accounting transaction.
Define a complex transaction.
Answer: Transactions that consist of a series of events leading to its completion is called complex transaction.
Give three elements of accounting voucher.
Answer: The three elements of accounting voucher are.
- Name of the company should be printed on the top
- The voucher number should be mentioned in the serial order
- Debit and credit amount should be written in figures against the amount
What does accounting equation signify?.
Answer: Accounting equation implies that the assets of a company are regularly equivalent to the total of its liabilities and capital (owner’s equity).
What are the two rule to follow when changing record in assets/expenses (Losses)?.
Answer: The two rules to follow while recording differences in Assets/Expenses (Losses) are.
- A rise in an asset is debited, and the drop in the asset is credited.
- A Rise in expenses/losses is debited, and the drop in expenses/ losses is credited.
What is the two rule to follow when changing record in liabilities and capital change/Revenue(Losses)?
Answer: The two rules to follow when changing record in liabilities and capital change/Revenue(Losses) are.
- A rise in the liabilities is credited and the drop in liabilities is debited.
- A rise in the capital is credited and the drop in the capital is debited.
State journal entries that are subdivided into a number of books of original entry
Answer: The journal is subdivided into a number of books of original entry are.
- Journal Proper
- Other books:
- Purchases (journal) book
- Sales (journal) book
- Purchase Returns (journal) book
- Sale Returns (journal) book
- Bills Receivable (journal) book
- Bills Payable (journal) book
Give two differences between journal and ledger.
Answer: The two differences between journal and ledger are.
- For a transaction, journal is the intial book of entry. And the ledger is a second book of entry.
- The recording process in the journal is known as journalising. The recording process in the ledger is known as posting.
Voucher is prepared for
1. Cash received and paid
2. Cash/Credit sales
3. Cash/Credit purchase
4. All of the above
Answer: All of the above
Which of the following is correct?
1.Liabilities = Assets + Capital
2. Assets = Liabilities – Capital
3. Capital = Assets – Liabilities
4.Capital = Assets + Liabilities.Cash/Credit sales
Answer: Capital = Assets – Liabilities
Cash withdrawn by the Proprietor should be credited to
2. Capital account
3. Profit and loss account
4. Cash account
Answer: Cash account
Recording of a transaction in the Journal is called:
How many sides does an account have?
4. None of These
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