S3 IBS Acct.

Which of the following is the account for motor car?

• Assets

• Capital

• Motor truck

• Motor car

Which of the following cannot be an individual account? (i.e. cannot be the title for record)

• Assets

• Motor car

• Bank

• Capital

How should stationery be recorded in an account (i.e. title of a record)?

• Assets

• Postage

• Expenses

• Stationery

John is the owner of a toy company, he buys some toys for business use on credit at $7000.

What should be written on Debit(Dr) and Credit(Cr)?

• Dr: Toys Cr: Credit

• Dr: Purchases Cr: Trade payables

• Dr: Toys Cr: Trade payables

• Dr: Drawings Cr: Trade payables

Which of the followings will be recorded on credit side when it increases and recorded on debit side when decreases.

• Liabilities (e.g. on credit, loan, bank loan...)

• Expenses

• Drawings

• Sales

Which side should be purchases and sales on?

• Dr: Purchases Cr: Sales

• Dr: Sales Cr: Purchases

• Dr: Purchases and Sales

• Cr: Purchases and Sales

How many T accounts can be drawn on a page?

(a)  

Which sides of the following items be on debit side when increasing?

Assets(A) Capital(C) Liabilities(L) Expenses(E) Revenue(R) Drawings(D)

• Assets

• Capital

• Liabilities

• Revenue

• Drawings

Which of the followings is the accounting equation?

• Assets = Liabilities + [Capital - (Revenue - Expense) - Drawings]

• Assets = Liabilities + [Capital - (Revenue + Expense) + Drawings]

• Assets = Liabilities + [Capital + (Revenue - Expense) - Drawings]

• Assets = [Capital + (Revenue - Expense) + Drawings] - Liabilities

How should the following statement be recorded?

Tony draws $1,000 for personal use and receives the money in the form of cheque.

• Dr: Bank Cr: Cash

• Dr: Cheque Cr: Bank

• Dr: Drawings Cr: Bank

• Dr: Drawings Cr: Cash