the king of accounting

1. Which side of the T-accounts are the debits located?

• Left

• Right

How are the following, phone bills, cleaning fees, and insurance classified?

• COGS

•   Selling Expense  

• General Expense 

•   Financial Expense

What is the money earned in a business’s everyday activities known as?

• sales

•     capital

•   accounting 

• wages

From the following list, choose which are the Asset accounts

• Creditors

•   Debtors

•   Cash

•   Building

• Stock/Inventory

From the following list, choose which are the Non-Current Assets accounts

• Building

• Cash

• Furniture

• Stock

From the following list, choose all accounts that are Liabilities accounts

• Debtors

• Creditors

• Electricity Bills

•   Bank loan

•   Cash

From the following list, choose all accounts that are Non-Current Liabilities

•   Bank loan that expected to be paid within 13 months

•    Creditors

• Furniture and fittings

• Mortgage

Which classification show an increase on the debit side?

•   Expenses

•   Revenue

•     Liabilities

• Owner’s Equity

The business owner, Ben, invested $9000 into the business bank account. What are the appropriate entries for this transaction?

• Dr Cash, Cr Capital  

•   Dr Capital, Cr Cash

•     Dr Capital, Cr Expense

• Dr Sales, Cr Cash

The business paid the wages $400 in cash to his employees. What are the classifications involved in this transaction?

• Liability and Asset       

• Revenue and Asset        

• Expense and Asset      

• Owner’s equity and Asset