AAT BOOKKEEPING QUIZ - GENERAL

Capital is a liability

• Yes

• No

• Sometimes

• Only if its value is greater than £10,000

Receivables is the same as the Sales account?

• True

• False

• Only at the month end

• Sometimes

If you credit an expense account it will decrease

• False

• Only on Mondays

• True

• Sometimes

If you credit a liability account it will increase

• True

• Sometimes

• False

• Only if it's a bank loan

Discounts Allowed are a Receipt

• False

• True

• Only when requested by a customer

• Sometimes

A VAT refund due is a liability

• True

• Sometimes

• False

• Only when a company goes into liquidation

Money into the bank is a debit

• Sometimes

• Only on the last day of the month

• False

• True

According to PEARLS an overdraft is a......

• An asset

• A liability

• Receipt

• An expense

According to PEARLS discounts received are a ........

• Receipt

• Purchase

• Expense

• Sale

The dual effect for buying a car is

• Bank/Asset decreases and Asset/Vehicles increases

• Bank/Asset increases and Asset/Vehicles increases

• Asset/Vehicle decreases and Asset/Bank decreases

• Asset Vehicle increases and Capital/Liability decreases