Tag: book keeping and accountancy

Quizzes (126) Questions (1524)

Questions Related to book keeping and accountancy

Multiple choice book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

Stimulus: Support staff is undisciplined.
Response: It is a sign of the times.
How will you classify the above transaction as per concept of transactional analysis ______________.

  1. Parent - Child

  2. Parent - Adult

  3. Parent - Parent

  4. Child - Parent
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In Transactional Analysis, the 'Parent' ego state is characterized by judgmental or critical statements. Since both the stimulus and response are judgmental/critical, this is a Parent-Parent transaction.

Multiple choice book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

Stimulus: I have finish the report tonight as it is due tomorrow.
Response: You always leave things to the last minutes
How will you classify the above transaction as per concept of transactional analysis ___________.

  1. Adult - Adult

  2. Parent - Adult

  3. Adult - Parent

  4. Child - Adult
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The stimulus is a factual statement about a deadline (Adult ego state). The response is a critical, blaming remark (Parent ego state). Thus, it is an Adult-Parent transaction.

Multiple choice book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

Stimulus: I wish you were better educated.
Response: I am not so lucky
How will you classify the above transaction as per concept of transactional analysis ____________.

  1. Adult - Child

  2. Child - Adult

  3. Parent - Child

  4. Child - Child
Reveal answer Fill a bubble to check yourself
D Correct answer
Multiple choice book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

Which of the following actions reflects 'adult ego' as per the concept of Transactional Analysis?

  1. Pleasure

  2. Pondering

  3. Blessing

  4. All of above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The 'Adult' ego state in Transactional Analysis is characterized by objective, rational, and logical processing of information. Pondering reflects this analytical approach.

Multiple choice book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

Outstanding business rent of Rs.$15,000$ was paid by the proprietor from his purse. The effect on the balance sheet is that ________________.

  1. both liabilities and assets are increased

  2. both liabilities and assets are decreased

  3. liabilities are increased, while the assets are decreased

  4. liabilities are decreased, while the assets are increased
Reveal answer Fill a bubble to check yourself
C Correct answer
Multiple choice book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

Stimulus: You have presented a good report.
Response: Thank you.
How will you classify the above transaction as per concept of transactional analysis ________________.

  1. Adult - Child

  2. Adult - Adult

  3. Parent - Parent

  4. Child - Adult
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Both the stimulus and the response are objective, factual, and polite exchanges of information, which is characteristic of the Adult ego state.

Multiple choice book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

Loss on sale of machinery will be ________.

  1. debited on Machinery A/c

  2. credited to Machinery A/c

  3. credited to Profit and Loss A/c

  4. None of them
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Loss on sale. Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the Machinery A/c.

Multiple choice book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

Which of the following is true when a debtor pays his dues?

  1. The asset side of the balance sheet will decrease

  2. The asset side of the balance sheet will increase

  3. The liability side of the balance sheet will decrease

  4. There is no change in total assets or total liabilities
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

When a debtor pays, cash increases and accounts receivable decreases. Total assets remain unchanged, and liabilities are unaffected.

Multiple choice book keeping and accountancy analysis of financial statements financial statement of company rules for recording in journal dual effect of transactions, types of accounts and rules of debit and credit

Income earned which is yet to be a collected result in ________________.

  1. Increase in capital and increase in a liability

  2. Decrease in liability and increase in capital

  3. Increase in assets and increase in liability

  4. Increase in capital and increase in asset
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Income earned but not yet collected is an accrued asset. Since the income was earned, it increases the owner's capital. Therefore, both assets and capital increase.