POA LG5/6 28 Mar 2023

When the business has more assets, we will Debit or Credit?

• Debit

• Credit

• Neither

When the business owe lesser liability, we will Debit or Credit?

• Debit

• Credit

• Neither

When the business has more income, we will Debit or Credit?

• Debit

• Credit

• Neither

We will Debit the expense account when the business has more expenses.

• True

• False

When the owner contribute cash into the business, we will

• DR Capital

  CR Cash in hand

• DR Cash in hand

  CR Capital

• DR Drawings

  CR Cash in hand

• DR Cash in hand

  CR Drawings

When the owner withdraw cash from the business for personal use, we will

• DR Capital

  CR Cash in hand

• DR Cash in hand

  CR Capital

• DR Drawings

  CR Cash in hand

• DR Cash in hand

  CR Drawings

The business bought goods on credit. Which of the statements are true?

• Inventory (+)

• Inventory (-)

• Trade payable (+)

• Cash in hand (-)

The business return defective goods to supplier. These goods were previously bought on credit. Which of the statements are true?

• Inventory (+)

• Inventory (-)

• Trade payable (+)

• Trade payable (-)

When the business pay trade payable to settle the amount owing, which of the following will be true?

• Cash at bank (+)

  Trade payable (-)

• Cash at bank (-)

  Trade payable (+)

• Inventory (+)

  Trade payable (-)

• Inventory (-)

  Trade payable (-)

How many POA students do we have in our class?

• 30

• 31

• 32

• 33