Chapter-2: Transaction : MCQ

Chapter-2: Transaction

Exercise

Multiple Choice Questions(MCQ):

1. Which of the following is only an event for the business?

[a] Goods bought from Jamal on credit tk.2,000.

[b] Goods sold to Palash tk.6,000.

[c] Placed an order to buy goods tk.2,000 form Tania.

[d] Goods returned in from Polash tk.2,500

2. Events related to transactions are ------

i) Always visible

ii) Both visible and invisible

iii) Never visible

Which one is correct?

[a] i

[b] ii

[c] i and ii

[d] i and iii

3. Debit Note is used for

[a] Goods bought on credit returned out

[b] Goods sold on credit returned in

[c] Goods bought for cash returned out

[d] Goods sold for cash returned in

4. A = L + E in this equation E signifies -

[a] Asset

[b] Owner’s Equity

[c] Liability

[d] Profit

5. Which of the following is only an event for the business?

[a] Purchased goods from Joli on credit tk.2,000.

[b] Goods sold to Poly worth tk.6,000.

[c] Placed an order to buy goods tk.5,000 from Tuli.

[d] Goods returned in from Polash tk.3,500.

6. Events related to transactions are ------

i) Always visible

ii) Both visible and invisible

iii) Never visible

Which one is correct?

[a] i

[b] ii

[c] i and ii

[d] i and iii

From the following information answer question no 7, 8 and 9

Mr. Monir Hossain started business with tk. 50,000 on January 1, 2012. Goods sold to Dipok amounting to  tk. 10,000, Value of goods worth tk. 3,000 was returned. He personally contribute to a school tk. 2,000 as donation.

7. Starting business with tk. 50,000 which element of business is going to be affected by this?

[a] Asset

[b] Liability

[c] Asset and liability

[d] Asset and Owner’s Equity

8. The note provided by Monir for goods returned by Dipok will be ---

i) Debit Note

ii) Credit Note

iii) Debit and Credit Note

Which one is correct?

[a] i

[b] ii

[c] iii

[d] i and ii

9. Donating tk. 2,000 in the school will affect in the business

[a] Asset will decrease

[b] Capital will decrease

[c] Goodwill will decrease

[d] Nothing will happen

10. ‘Withdrawn for personal use’—in the accounting equation-------

i) A will decrease

ii) L will decrease

iii) E will decrease

Which one is correct?

[a] i

[b] ii

[c] i and ii

[d] i and iii

11. Which one is wrong? By transaction-----

i) Owner’s Equity increases if total asset decrease

ii) Total liability decreases if total asset increase

iii) If one asset increases, the other assets will also decrease

Which one is correct?

[a] i and ii

[b] ii and iii

[c] iii

[d] i and iii

12. Which one is correct?

[a] A = L – E

[b] E = A – L

[c] L = A + E

[d] A + L = E

[Answer Key: 1(c), 2(b), 3(a), 4(b), 5(c), 6(b), 7(d), 8(b), 9(d), 10(d), 11(a), 12(b)]