Tag: commercial studies

Quizzes (186) Questions (1136)

Questions Related to commercial studies

Multiple choice commercial studies waste generation and management e-waste management e-wastes waste generation

Biomedical wastes are disposal into different colored containers for collecting different types of waste.

  1. True

  2. False

  3. Ambiguous

  4. Data insufficient
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Collection and transportation of biomedical waste is done in a scientific way. They disinfect transportation vehicle regularly. The waste management is mechanisms are done through different franchises.

Multiple choice commercial studies subsidiary books - 2 three column cash book three columnar cash book triple column cash book

Cash discount is recorded in ______________.

  1. Journal proper

  2. Purchase Journal

  3. Sales account

  4. Cash book
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Cash discounts are typically recorded in the discount column of a three-column cash book. Since the cash book is the primary record for cash and bank transactions, it is the appropriate place for these entries.

Multiple choice commercial studies subsidiary books - 2 three column cash book three columnar cash book triple column cash book

Receipts and Payments Account is an abbreviated form of ___________________.

  1. Cash Book

  2. Pass Book

  3. Both Cash Book and Pass Book

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Receipts and Payments Account is essentially a summary of the cash book for a specific period. It is commonly used by non-profit organizations to show all actual cash inflows and outflows.

Multiple choice commercial studies subsidiary books - 2 three column cash book three columnar cash book triple column cash book

Double entry of which of the following transactions is completed in the Cash Book itself _______________.

  1. Paid rent by cheque

  2. Withdrew from bank for personal use

  3. A cheque received from a customer deposited into bank on the same day

  4. Cash deposited into the bank
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A contra entry occurs when a transaction affects both the cash and bank accounts. Depositing cash into the bank is recorded on the credit side (cash column) and the debit side (bank column) of the same cash book.

Multiple choice commercial studies subsidiary books - 2 three column cash book three columnar cash book triple column cash book

For opening Joint Bank Account, in case of separate set of books _________________.

  1. Joint Venture A/c will be debited and Venturers Capital A/c will be credited.

  2. Joint Bank A/c is debited and Venturers Capital A/c is credited.

  3. Joint Venture A/c is debited and Joint Bank A/c will be credited.

  4. Joint Bank A/c will be debited and Joint Venture A/c will be credited.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

When separate books are maintained for a joint venture, the Joint Bank Account acts as the primary repository for funds. Contributions from venturers are deposited into this account, resulting in a debit to the Joint Bank Account and a credit to the respective Venturers Capital Accounts.

Multiple choice commercial studies subsidiary books - 2 three column cash book three columnar cash book triple column cash book

Which is not contra entry in three-column Cash Book?

  1. Cash deposited into bank

  2. Cash withdrew from bank

  3. Cash withdrew from Bank for personal use

  4. None of these.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A contra entry in a three-column cash book occurs when a transaction involves both cash and bank accounts simultaneously, such as depositing cash into the bank or withdrawing cash from the bank for office use. Withdrawing cash from the bank for personal use is a drawings transaction, not a contra entry.

Multiple choice commercial studies subsidiary books - 2 three column cash book three columnar cash book triple column cash book

When the record of transactions relating to joint venture are made in the books of one party, then the venturer recording the transactions records his share of investment by _____________.

  1. Debiting cash account

  2. Crediting his personal account

  3. No entry is made

  4. Crediting Cash A/c
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

When only one party keeps the books for a joint venture, they record their own investment by crediting their cash account (or bank) and debiting the Joint Venture account. This reflects the outflow of their own funds into the venture.