Accounting Quiz 1

1.      What is true about a cash accounting system?

• a)      Recording sales only when cash is received

• Recording sales either it is cash or on account

• a)      Recording credit sales

• a)      Both a &b

1.      Which journal records purchase of equipment?

1.      Which journal records Sale to Mark?

1.      Which journal entry records Purchases from Daniel?

1.      Petty cash book is controlled under an imprest system. The imprest amount is SAR100. During a period, payments totaling SAR 64 have been made. How much should be reimbursed at the end of the period to restore petty cash to the imprest amount?

1.      Petty cash float is 400 SAR.Printing, Newspapers and pantry fees were paid for 150 SAR. What is the petty cash still remaining?

1.      What account is considered expense paid from Petty Cash?

a) Computer

b) Vehicle

c) Insurance

d) Stamps

.Which journal entry records Sale to Edwards ?

a) Debit Edwards , Credit: Sale

b) Debit: Sale, Credit: Edwards

c) Debit: Account Payable, Credit: Edwards

d) Debit: Edwards, Credit: Account Payable

14.  Which journal entry records Cash Sales?

14.  Which of the following is considered an expense?

a)      Wages Expense

b)      Sales

c)      Cash

d)      Loan