IGCSE Accounting

For which accounts does the cash book act as a ledger account?

• bank ✓

  cash ✓

  discount allowed ✓

  discount received ✓

• bank -

  cash ✓

  discount allowed ✓

  discount received ✓

• bank -

  cash -

  discount allowed ✓

  discount received ✓

• bank ✓

  cash ✓

  discount allowed -

  discount received -

Which account may appear as a credit balance in a trial balance?

• carriage outwards

• discount received

• drawings

• inventory

The accounts of a business are prepared on the basis that the business will continue to operate for the foreseeable future.

Which accounting principle is being applied?

• accruals (matching)

• consistency

• going concern

• realisation

From the following which is an asset?

• Bank

• Salary

• Trade Payable

• Rent Received

Resources which a business owns:

• Assets

• Liabilities

• Expenses

• Revenue

Person who owes money to the business for good sold on account known as:

• Owner

• Trade Receivable

• Trade Payable

• Bank

From the following which is correct?

• Assets = Liabilities - Capital

• Liabilities = Capital - Assets

• Capital = Assets - Liabilities

• Liabilities = Capital + Assets

Which is a current liability?

• Capital

• Trade payables

• Trade receivables

• Inventories

A retailer’s capital is $40 000. The following payments are made from the business bank account.

$5000 for extension to the retailer’s shop

$2000 for purchase of television for retailer’s private house

How much is the retailer’s capital now?

• $33 000

• $35 000

• $38 000

• $45 000

Cash sales, $320

• Debit sales + credit cash

• Debit cash + credit sales