Bookkeeping transactions

How many stages are there to the accounting system?

• 4

• 5

• 3

• 6

Which is NOT an example of a book of prime entry?

• Cashbook

• Sales returns day book

• Trial Balance

• Discounts allowed day book

What is recorded in the purchases ledger?

• Trade payables

• Trade receivables

Which of below represents the Accounting Equation?

• Assets + Liabilities = Capital

• Assets - Liabilities = Capital

• Assets + Capital = Liabilities

Which of below is in the correct order?

• Purchase Order, Quotation, Delivery Note, Invoice

• Quotation, Invoice, Delivery Note, Statement

• Quotation, Purchase Order, Statement, Invoice

• Quotation, Purchase Order, Delivery Note, Invoice

Which type of discount is calculated by the customer, after the invoice total?

• Prompt Payment Discount

• Trade Discount

• Bulk Discount

Money going OUT of the bank account is always a....

• Debit

• Credit

Which if the following accounts usually has a credit balance?

• Rent paid

• Motor vehicle asset

• Capital

• Petty cash balance

Which of the following accounts usually has a debit balance?

• Rent received

• Sales

• Bank loan

• Purchases

Which is the correct double-entry posting for a £500 insurance premium paid?

• DR Insurance ; CR Bank Account

• DR Bank Account ; CR Insurance