Revision for chapter 1 (ACC 804)

Which of the following accounts is classified as revenues ?

• Sales

• Unearned Revenue

• Merchandise Inventory

• Cash

Which of the following accounts is classified as assets ?

• Sales

• Unearned Revenue

• Merchandise Inventory

• Purchases

Ahmed Company invested BD 9000 in the business then the journal entry to record the above transaction is :

• Dr. Cash and Cr. Capital

• Dr. Capital and Cr. Cash

• Dr. Cash and Cr. Revenue

• Dr. Investment and Cr. Capital

ABC company purchased merchandise from maryam company of BD 9000 under the terms 5/10,n/40 then this stands for :

• ABC company will get 5% discount if it pay within 40 days

• ABC will get 10 % discount if it pay within 5 days

• ABC will get 40% discount if it pay within 10 days

• ABC will get 5% if it pay within 10 days

ABC Company purchased merchandise from mariam company for BD 3000 cash then the journal entry to record the above transaction under the perpetual inventory system will be :

• Dr. Merchandise Inventory and Cr. cash

• Dr. Purchases and Cr. cash

• Dr. cash and Cr. Merchandise Inventory

• Dr. cash and Cr. Purchases

Fatima Company returned merchandise purchased in cash of BD 300 then, the journal entry will be :

• Dr. Account receivable and Cr. cash

• Dr. Cash and Cr. Merchandise Inventory

• Dr. Merchandise Inventory and Cr. cash

• Dr. Merchandise inventory and Cr. Account receivable

ABC Company purchased merchandise from mariam company for BD 3000 on credit then the journal entry to record the above transaction under the perpetual inventory system will be :

• Dr. Merchandise Inventory and Cr. Account receivable

• Dr. Purchases and Cr. Account receivable

• Dr. Account payable and Cr. Merchandise Inventory

• Dr. Merchandise Inventory and Cr. Account payable

Alya Company returned merchandise purchased on credit of BD 1200 then, the journal entry will be :

• Dr. Account receivable and Cr. Merchandise inventory

• Dr. Account payable and Cr. Merchandise Inventory

• Dr. Merchandise Inventory and Cr. Account payable

• Dr. Merchandise inventory and Cr. Account receivable

Omar company sold goods to Jassim for BD 2500 cash that cost BD 800 then the first general journal that should be recorded under the perpetual inventory system will be :

• Dr. Sales and Cr. cash

• Dr. Merchandise Inventory and Cr. cash

• Dr. cash and Cr. Sales

• Dr. Account receivable and Cr. Sales

Omar company sold goods to Jassim for BD 2500 on account that cost BD 800 then the first general journal that should be recorded under the perpetual inventory system will be :

• Dr. Sales and Cr. Account payable

• Dr. Merchandise Inventory and Cr. Cash

• Dr. cash and Cr. Sales

• Dr. Account receivable and Cr. Sales