Olufilade college. Accounting Quizzes

One of the following is not among the branches of accounting

• Cost accounting

• Financial accounting

• Management accounting

• Trading accounting

(a)   are shareholders that receive a fixed rate of dividend

The second step in the posting procedure is to write the

• entry date in the Date column of the account

• journal page number in the Post. Ref. column of the account

• account number in the Post. Ref. column of the account

• entry amount in the Debit or Credit column of the account

An income statement account that is used to record cash overages and cash shortages arising from petty cash transactions or from errors in making change is titled: 

• Petty Cash
• Cash Lost
• Bank Reconciliation
• Cash Over and Short

A general Leger/T) has a ______ and _______ side.

• cash receipt and debtors

• debit and payments

• debit and credit

• creditors and debtors

Adjusting entries must be posted to the general ledger accounts.

• True
• False

The total amount for credit sales debited in the Receivables Ledger Control Account is taken from (a)  

Purchases ledger control account can also referred to as

• all sales ledger control account

• trade receivable ledger

• returns outwards ledger

• trade payables ledger

Which of the following terms defines when a customer buys a good or service on credit and agrees to pay at a later date?

• Subsidiary ledger

• operating activities

• Accounts receivable

• Direct write- off approach

Which of the following transactions would take place in the general journal when a customer pays for a good or service which has been invoiced?

• A cash account is debited; a sales account is credited

• Bad debts account is debited; sales return account is credited

• A cash account is debited; accounts receivable account is credited

• Accounts receivable account is debited; cash account is credited