DPA10183 - Online Quiz - Chapter 2, 3 & 4

Interest on fixed deposit is

• Current Asset

• Current Liability

• Expenses

• Revenue

Account receivable is

• Current Asset

• Current Liability

• Expenses

• Revenue

Bank overdraft is

• Current Asset

• Current Liability

• Expenses

• Revenue

Loss on disposal of Non-Current Asset is

• Current Asset

• Current Liability

• Expenses

• Revenue

Bad debt is part of

• Current Asset

• Current Liability

• Expenses

• Revenue

When owner took out money from business for personal use is considered as

• Current Asset

• Current Liability

• Drawings

• Revenue

In Trial Balance, the balance for provision for depreciationn should be on

• debit side

• credit side

On debit side in Trial Balance we will record the balance for

• Assets

• Liabilities

• Owner's equity

• Revenue

The fourth step in accounting cycle is

• to use source of documents to record the transactions

• to record the journal entries

• to prepare trial balance

• to transfer the journal entries to the relevant ledgers

Purchase return also known as

• return inwards

• return outwards

• sales return

• drawings