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Accounting Terminologies Quiz

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Questions and Answers

What is the distinguishing characteristic of monetary transactions?

They only occur between two parties

They involve the exchange of goods

They exclude the use of money

They are recorded in books of accounts (correct)

Which of the following is an example of a cash transaction?

Machinery sold on credit

Goods bought on credit

Payment of salary immediately (correct)

Goods sold on credit

What is unique about credit transactions compared to cash transactions?

Cash is paid or received at a later date (correct)

Cash is paid or received immediately

They involve only one party

They do not require recording in books of accounts

In non-monetary transactions, what does 'barter transactions' involve?

Exchange of goods for goods without involving money Signup and view all the answers

Which transactions are recorded in the books of accounts according to the concept discussed in the text?

Only business transactions Signup and view all the answers

What is the implication of the concept where money serves as the measuring unit for accounting?

Transactions not involving money are excluded from the books Signup and view all the answers

If a proprietor uses half of a building for personal residence and half for business, what amount will be deducted from the total rent as drawings?

` 25,000/- Signup and view all the answers

Why are transactions like working conditions in the workplace or efficiency of management not recorded in the books of accounts?

Because they are non-monetary and cannot be expressed in terms of money Signup and view all the answers

What is the definition of Non-monetary transactions?

Transactions not involving any money exchange directly or indirectly Signup and view all the answers

What is the term used to describe the recording of a business transaction in the books of accounts?

Entry Signup and view all the answers

Which term refers to merchandise, commodities, or articles traded by a business?

Goods Signup and view all the answers

What does Capital represent in a business?

Owner's investment in the business Signup and view all the answers