QUIZ 4 : ACCOUNTING CYCLE

QUIZ 4 : ACCOUNTING CYCLE

1st Grade - University

15 Qs

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QUIZ 4 : ACCOUNTING CYCLE

QUIZ 4 : ACCOUNTING CYCLE

Assessment

Quiz

Business, Other, Education

1st Grade - University

Practice Problem

Hard

Created by

Mas Mohd

Used 112+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following items are recorded in the general journal except :

purchase of non-current assets on credit

purchase of goods on credit from supplier

withdrawal of goods by the owner for personal used

opening entries, adjusting entries and closing entries

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following is correct :

Paid salaries by cash : Dr salaries; Cr cash

Return goods previously bought on credit : Dr Purchases; Purchase returns & allowance

Took cash for personal used : Dr Cash; Cr Drawings

Received refund rent by cheque : Dr Rental; Cr Bank

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A cash discount on purchase should be debited to

a revenue account

an expenses account

a debtors account

a creditors account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A credit note received from a supplier should be recorded in the

cash receipts journal

cash payment journal

general journal

purchase journal

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The sales journal is

used to record all sales

used only to record sales on credit

used only to record cash sales

none of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purchase journal is

used only to record credit purchases

used only to record cash purchases

used to record all purchases

all of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A credit note is used as documentation in a business for a journal entry that requires a debit to

Sales returns and credit to Accounts receivable

Purchase returns and credit Accounts payable

Accounts receivable and credit Sales returns

Accounts receivable and credit Sales

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