Senior Middle 1 Book-Keeping

Which of the following statements is INCORRECT.

• Assets - Capital = Liabilities

• Liabilities + Capital = Assets

• Assets - Liabilities = Capital

• Liabilities+ Assets = Capital

The double entry for the purchase of computer for resale on credit from Lee Company is ______.

• Debit : Office Equipment

  Credit : Lee Company

• Debit : Stationery

  Credit : Lee Company

• Debit : Purchases

  Credit : Lee Company

• Debit : Purchases

  Credit : Cash

According to the rule of debit and credit in the double entry bookkeeping, which of the following is TRUE?

• Asset ↑, Liability ↓, Capital ↓ to be recorded in Credit side.

• Asset ↓, Liability ↑, Capital ↑ to be recorded in Credit side.

• Asset ↑, Liability ↑, Capital ↓ to be recorded in Credit side.

• Asset ↓, Liability ↓, Capital ↑ to be recorded in Credit side.

A Trial Balance is just a/an________.

• account

• ledger

• journal

• list of accounts

Which of the following items should not be included in the calculation of the cost of sales?

• Purchases

• Carriage Inwards

• Carriage Outwards

• Closing inventory from the previous accounting period

Inventory, 1 January 2020 RM 870;

Inventory, 31 December 2020 RM 940;

Purchases RM 8,280;

Sales RM 1,010.

What is the Cost of Sales?

• RM8,210

• RM8,350

• RM9,150

• RM9,220

Which of the following statements are CORRECT?

I Net loss is debited to Capital Account

II Net profit is gross profit less cost of goods sold

III Net profit is credit to Capital Account

IV Net profit is gross profit less operating expenses

• I, III

• II, IV

• I, II, IV

• I, III, IV

A Statement Of Financial Position consists of

• assets, liabilities and capital

• assets, liabilities, capital and expenses

• income, drawings, assets and liabilities

• income, expenses and drawings

What is the double entry for Closing Inventory?

• Debit : Purchases Account

  Credit : Inventory Account

• Debit : Trading Account

  Credit : Inventory Account

• Debit : Inventory Account

  Credit : Purchases Account

• Debit : Inventory Account

  Credit : Trading Account

Which of the following are nominal accounts?

I Office Premises

II Discount Received

III Car Repairs

IV Cash at Bank

• I and II

• II and III

• II and IV

• III and IV