Discount Received are

• Deducted when we receive cash

• Deducted to us when we pay our accounts

• Given by us when we sell goods on credit

• None of the above

Which of the following balances is to be shown in the Statement of Financial Position as Non- Current liability?

• Other Payable

• Accounts Payable

• Bank Overdraft

• Bank Loan

Which of the following is a debit balance?

• Accounts Payable

• Salaries

• Bank Overdraft

• Loan from Ali

Expenses recorded in the Petty Cash Book are posted to ________________.

• A the debit side of Cash Book

• the debit side of expenses accounts in General Ledger

• The credit side of expenses accounts in General Ledger

• The credit side of personal accounts in Creditors Ledger

If the owner himself supplies all the resources for the use of his business, then the accounting equation would be ___________.

• Capital = Assets

• Capital = Liabilities

• Capital = Assets - Liabilities

• Capital = Assets + Liabilities

Which of the following should not be called “Sales”?

• Office Fixture sold

• Goods sold on credit

• Goods sold for cash

• Sale of item previously included in ‘Purchases’

An alternative name for a Sales Journal is

• Sales Invoice

• Daily Sales

• Sales Ledger

• Sales Day Book

A credit balance of RM 400 on the cash columns of the cash book would mean

• The book-keeper has made a mistake

• We have RM 400 cash in hand

• We have spent RM 400 more than we have received

• Someone has stolen RM 400 cash

Which of the following is not an Accounting Transaction?

• Cash Sales

• Order accepted

• Cash Purchases

• Owner withdraws cash for own use

__________ are shown in Statement of Financial Position.

• Revenues and Assets

• Assets, Liabilities and Owner’s Equity

• Revenues and Expenses

• Capital, Revenues and Expenses