T4 BBFA 1043

Carriage Inwards

• Is captured in Statement of Financial Position

• Is captured in Cost of Goods Sold

• Is captured in Expenses in Profit & Loss

Which statement is correct?

• Accounting Equation refers to

  Revenue less Expenses

• Profit Determination Equation refers to

  Asset = Equity + Liabilities

• Accounting Equation refers to

  Asset = Equity + Liabilities

Which of the followings have Debit Balances?

• Office Equipment

• Trade Payables

• Equity/Capital

• Motor Vehicles

• Discount Allowed

Which of the followings have Credit Balances?

• Trade Payables

• Trade Receivables

• Carriage Outwards

• Sales

• Drawings

Started the business with RM15,000 in the bank

Which double entry is correct?

• Dr Capital RM15,000

  Cr Bank RM15,000

• Dr Bank RM15,000

  Cr Capital RM15,000

• Dr Business RM15,000

  Cr Cash RM15,000

• Dr Sales RM15,000

  Cr Bank RM15,000

Cost of Sales formula

• Opening Inventory

  Add : Sales

  Less : Closing Inventory

• Opening inventory

  Add Purchases

  Add Carriage Inwards

  Less Closing Inventory

• Opening Inventory

  Add Puchases

  Add Carriage Outwards

  Less Closing Inventory

Which of the followings is true, you can have more than one answer

• Asset have debit balances

• LIabilities have debit balances

• Revenue/Other have credit balances

• Drawing have debit balances