
Chapter 4& 5: ledger accounting & preparing FS
Authored by Dan Xiao
Professional Development
Professional Development
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the nominal ledger:
is the record of all transactions not directly recorded in the accounting system
is used to record only transactions relating to receivables
is used to record only transactions relating to payable
is the record of an entity's financial transactions
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a debit entry in a T account will
decrease an asset
decrease an expense
increase a liability
decrease capital
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a credit entry in a T account will
decrease an asset
increase an expense
decrease a liability
decrease capital
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
when a credit customer pays a invoice for £120 including VAT at 20%, the credit entry in the VAT ledger account will be
£120
£100
£20
nil
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
early settlement discounts received from the supplier will:
decrease purchase
decrease sales
increase trade payable
increase trade receivables
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
when petty cash is topped up to the imprest amount, the credit entry is made to
the petty cash book
trade receivables
cash at bank account
trade payable
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
individual credit customer accounts are kept in which ledger
payable ledger
trade receivables
receivables ledger
nominal ledger
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