FA1 exam question for recording, summarizing & posting transaction

You can tackle Fa1 exam question by practicing, This post will help you to clear your questions for chapter recording, summarizing and posting transaction.

Q1. Generally, transactions are recorded in ?

1. Bank account
2. newspaper
3. sources documents
4. Quotations

Q2. There are __ books of prime entry?

1. 2
2. 5
3. 7
4. 9

Q3. Source documents are very important in analyzing a business ?

1. Inflows and outflows
2. Cash received
3. cash paid
4. only inflows

Q4. posting transaction about credit sales records in?

1. Sales return day book
2. Sales day book
3. Purchase day book
4. Purchase return day book

Q5. Transaction only for adjustments is recorded in?

1. Sales day book
2. Purchase day book
3. Cash book
4. Journal book

Q6. Which book records small amount of cash transactions

1. Purchase day book
2. Cash book
3. Journal book
4. Petty cash book

Q7

John purchase material to a customer at a cost of $4000 on credit. he utilize some the material and return to supplier rest of the material cost 2000.

(A) Select correct double entry for purchase only

1. Payable debit 4000, purchase credit with 4000
2. Purchase 4000 debit, Payable credit 4000
3. Purchase debit 4000, payable credit 2000, purchase return credit 2000.
4. Payable debit 2000, purchase return 2000.

(B) Select correct double entry for purchase return

1. Payable debit 2000, purchase return 2000.
2. Payable debit 4000, purchase credit with 4000
3. Purchase 4000 debit, Payable credit 4000
4. Purchase debit 4000, payable credit 2000, purchase return credit 2000.

Q8. A personal account is one that is used by a___ for own needs.

1. single person
2. Group
3. Company
4. Cooperates

Q9. several forms of costs for multiple purposes in the nominal book accounts, such as property, healthcare, telephones, these are ?

1. Personal account
2. Control Account
3. impersonal account

Q10. Control account is mean of ___ value.

1. Small
2. Huge
3. Total
4. Half

Q11

Madan is a retailer he purchase some chairs worth 10000 along with 1000 sales tax which is recoverable, and also purchase tables at cost of 5000 exclude sales tax of 500, this sales tax is unrecoverable. All transaction take place o credit.

(A) Select the correct double entry for purchasing of chair

1. purchase debit 10000, sales tax debit 1000, payable credit with 11000
2. payable debit with 11000, purchase credit 11000
3. purchase debit 11000, payable credit with 11000
4. purchase debit 10000, sales tax credit 1000, payable credit with 11000

(B) Select the correct double entry for purchasing of tables

1. purchase debit 5500, payable credit with 5500
2. payable debit with 5500, purchase credit 5500
3. purchase debit 5000, sales tax debit 500, payable credit with 5500
4. purchase debit 5000, sales tax credit 500, payable credit with 5500
5. payable debit with 5500, purchase credit 5500

Q12. ___is very important in a business because it identifies the correct item

1. Coding
2. Posting
3. Booking
4. Accounting

Q13. Sequential coding, often known as

1. serial coding
2. Continue coding
3. consist coding
4. Fast coding

Q14. Grouping of comparable transactions into batches or groups, This is the definition of

1. Batch processing 
2. processing
3. Real processing
4. Control total

Q15. A __ is a software program that targets a specific area of accounting

1. Module
2. control total
3. subsidiaries
4. Batch

Q16. Program that incorporates many financial accounting operations into a single application is ?

1. Interlocking
2. Integrated
3. Module

Answers

1. sources documents
2. 7
3. Inflows and outflows
4. Sales day book
5. Journal book
6. Petty cash book
7. (A) Purchase 4000 debit, Payable credit 4000 (B)Payable debit 2000, purchase return 2000
8. single person
9. impersonal account
10. Total
11. (A) debit 10000, sales tax debit 1000, payable credit with 11000 (B) purchase debit 5500, payable credit with 5500
12. Coding
13. serial coding
14. Batch processing 
15. Module
16. Integrated

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