Page 3 - Home Assignment

10. If a transaction is properly analysed and recorded:

a. Only 2 accounts to be used to record the transaction
b. Only 1 account will be used to record the transaction
c. One account debited will equal total amount credited
d. Total amount debited will equals total amount credited.

11. The book in which all accounts are maintain is known as :

a. Cash book
b. Journal
c. Purchase book
d. Ledger

12) If we take goods for own use we should:

A) Debit Drawings Account, Credit Purchases Account

B) Debit Drawings Account: Credit Stock Account
C) Debit Sales Account: Credit Stock Account

D) Debit Purchases Account: Credit Drawings Account

13. While balancing the account in case of a debit balance, the word by balance c/d
are recorded in the particulars column of an account - .

(a) On the debit side

(b) on the Credit side

(c) On both side

(d) None of the above

14.The balance of an account is always known by the side which is -

(a) Shorter

(b) Higher

(c) Equal

(d) None