Accounting For Business Transactions — Important Questions
Telangana Open School (TOSS) · Class 12 · Accountancy
52 important questions from Accounting For Business Transactions for Telangana Open School (TOSS) Class 12 Accountancy, with answers.
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Important Questions from Accounting For Business Transactions
Which of the following is NOT a type of accounting voucher?
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Ledger
Ledger is a book of final entry, not a source document or voucher. Vouchers include invoices, receipts, cash memos, etc.
In the accounting equation, if assets increase, what else must increase?
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Either liabilities or capital or both
For the accounting equation to remain balanced, an increase in assets must be matched by an increase in liabilities, capital, or both.
Which of the following transactions affects only asset accounts?
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Purchasing goods for cash
Purchasing goods for cash increases goods (asset) and decreases cash (asset), so only asset accounts are affected.
What does a debit represent in a transaction?
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The 'take' aspect
In every transaction, debit represents the 'take' aspect and credit represents the 'give' aspect.
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