Form 4 POA - Term II - Review

Which of the following pairs are ASSETS ?

• cash and creditors

• land and debtors

• debtors and creditors

Which of the following are Liabilities ?

(select all that apply)

• debtors

• creditors

• bank overdraft

• loan

Debtors Accounts are found in which Ledger?

• Sales Ledger

• Purchases Ledger

Which statement is TRUE ?

• Journals are used to record cash transactions

• The Cash Book is used to record cash transactions

If Assets=$2000 , Liabilities=$1500 , what is the value of Capital ?

• $500

• $1500

• $2000

• $3500

Which of the following are EXPENSES ?

(select all that apply)

• carriage inwards

• carriage outwards

• sales

• purchases

Sales Returns is the same as

• Returns Inwards

• Returns Outwards

Which of the following items appears under the DEBIT column of the Trial Balance ?

(select all that apply)

• Purchases

• Drawings

• Capital

• Wages

The sale of a fixed asset would be recorded in the

• Sales journal

• General journal

A business bought a computer paying $5000 by cheque.

What are the double entries to record this ?

• Dr. Purchases $5000, Cr. Bank $5000

• Dr. Computer $5000, Cr. Bank $5000

• Dr. Bank $5000, Cr. Purchases $5000