ICAEW CFAB - Accounting - Chapter 5 Quiz

In a period, sales are £140,000, purchases £75,000 and other expenses £25,000. What is the profit for the period to be transferred to the capital account?

• A £40,000

• B £65,000

• C £75,000

• D £140,000

During March, Chan had the following items in his cash at bank account:

Balance at 1 March (overdrawn) : £500

Receipts from credit customers : £12,000

Payments to credit suppliers : £7,000

Payments for expenses : £3,000

Cash drawn for own use : £1,200

Requirement

What is the balance on Chan’s cash at bank account at 31 March?

• A Debit £300

• B Credit £300

• C Debit £1,300

• D Credit £1,300

Which two of the following items will be listed as a credit balance on a trial balance?

• A Trade payables

• B Purchases

• C Sundry expenses

• D Capital

• E Drawings

Select whether the following balance will be in the debit or the credit columns of the trial balance.

Machinery

• Debit

• Credit

Select whether the following balance will be in the debit or the credit columns of the trial balance.

Trade payables

• Debit

• Credit

Select whether the following balance will be in the debit or the credit columns of the trial balance.

Drawings

• Debit

• Credit

Select whether the following balance will be in the debit or the credit columns of the trial balance.

Sales

• Debit

• Credit

Select whether the following balance will be in the debit or the credit columns of the trial balance.

Bank overdraft

• Debit

• Credit

Select whether the following balance will be in the debit or the credit columns of the trial balance.

Rental income

• Debit

• Credit

Manny has a net loss of £400. This should be:

• A Credited to the profit and loss ledger account and debited to the capital account

• B Debited to the profit and loss ledger account and credited to the capital account

• C Credited to the profit and loss ledger account and debited to the drawings account

• D Debited to the profit and loss ledger account and credited to the drawings account