Bookkeeping - AC/GL

What is the total on this account?

• 16000

• 30000

• 14000

• 3000

Profit is the excess of revenue over expenses.

• False

• True

What is a ledger?

• A group of charts

• A group of accounts

• An account of groups

• A chart of groups

Purchases are recorded in the debit or credit side of the General Ledger

• Debit

• Credit

Sales are recorded in the debit or credit side of the General Ledger

• Debit

• Credit

In the Analysed Cash Book money in/receiving wages goes on which side.

• Debit

• Credit

Income earned from normal business activities are

• Sales returns

• Purchases

• Revenue

• Purchases returns

Earnings paid to an employee based on an hourly rate. 

• Commission
• Wages
• Salary
• Deductions

An employee's fixed agreed yearly income. 

• Salary
• Deductions
• Wages
• Commission

When you have money leftover after expenses this is known as:

• Surplus

• Deficit