Accounting concepts test (GL) Gr9

The left side of the general ledger is known as?

• Debit

• Credit

Which item is not regarded as an asset?

• Vehicles

• Trading stock

• Stationery

• Bank

The right hand side of the general ledger account it know as?

• The debit side

• The credit side

Which of the list below is a liability?

• Loan

• Sales

• Rent income

• Cost of sales

Select the only income from the list.

• Sales

• Sundry expense

• Bank

• Petty cash

Select the asset which is not seen as a cash asset.

• Bank

• Petty cash

• Cash float

• Trading stock

Pick the asset from the list below.

• Land and buildings

• Packing material

• Creditors control

• Consumable stores

The double entry principle is?

• For every expense there is an income

• For every debit there is a credit

• For every receipt their is a payment

• All of them

Where will assets increase?

• Debit

• Credit

Where will income increase?

• Debit

• Credit