Zheng Xuan Accounting IGCSE Chap 3,4,10

In which columns of a trial balance do discounts allowed and discounts received appear?

• Debit: discounts allowed Credit: discounts received

• Debit: discounts allowed, discounts received Credit: -

• Debit: discounts received Credit: discounts allowed

• Debit - Credit discounts allowed, discounts received

The totals of a trial balance are: Debit $46 800 Credit $39 700 The following errors have been discovered: 1 Rent received, $3550, has been included as a debit balance. 2 Cash received from K Greener in settlement of a debt of $2000 has been credited to B Greener. What will be the corrected trial balance totals?

• $38 150

• $41 250

• $43 250

• $45 250

Which will appear on the credit side of a trial balance?

• loan interest paid

• motor vehicles at cost

• rent paid

• sales

Which error affects the balancing of a trial balance?

• an addition error in the Sales account

• crediting a purchase to B. Shore's account instead of A. Shaw's account

• failing to enter a sales invoice in the books

• posting the purchase of a machine to the debit side of the Purchases account

Why does a business draw up a trial balance?

• to balance off ledger accounts

• to calculate profit or loss

• to check the arithmetic accuracy of the books

• to summarise the sales and purchases ledgers

Maria, a seller, allows cash discount to Sara. What is the double entry for this in Sara's ledger?

• account debited: cash account credited: discount received

• account debited: Maria account credited: discount received

• account debited: discount allowed account credited: cash

• account debited: discount allowed account credited: Maria

Which book of prime entry is also a ledger account?

• cash book

• journal

• purchases journal

• sales journal

The totals of the discount columns in a cash book are as follows: debit $2000 credit $1250 Which entries are made in the ledger accounts?

• account to be debited $: discounts allowed 1250 account to be credited $: discounts received 2000

• account to be debited $:discounts allowed 2000 account to be credited $ : discounts received 1250

• account to be debited $:discounts received 1250 account to be credited $:discounts allowed 2000

• account to be debited $:discounts received 2000 account to be credited $:discounts allowed 1250

Which is part of the double entry system?

• petty cash book

• purchases journal

• sales returns journal

• trial balance

Jacob bought goods on credit from Mark. What is the double entry in Jacob’s ledger?

• account to be debited: Jacob account to be credited: purchases

• account to be debited: purchases account to be credited: Jacob

• account to be debited: Mark account to be credited: purchases

• account to be debited: purchases account to be credited: Mark