Accounting Quiz

Goods returned by Jonathan have not be recorded. This is corrected in:

• Debtors ledger and Debtors list

• Creditors ledger and creditors list

• Debtors Journal

• Creditors Journal

Corrections made in the reconciliation process would be recorded in which journal(s)

More stock was on hand than in the control account. Who am I?

• Trading stock on hand

• Trading stock deficit

• Trading stock surplus

• Trading stock

It's better to overstate expenses that to underestimate them.

• Historical cost

• Expense

• Business entity

• Prudence

Rent income was paid for 2 extra months

• DR: Income receivable

• DR: Income received in advance

• CR: Income received in advance

• CR: Income Receivable

Expenses that are not paid in full yet.

• CR: Accrued Expenses

• DR: Accrued Expenses

• Cr: Prepaid expenses

• DR: Prepaid expenses

Please show me I'm not wasting my time. What's an asset in the list?

• Insurance

• Prepaid expense

• Trading stock surplus

• Income received in advance

Where do we make our Trial Balance adjustments in tests and exams? Trick question

• General Journal

• Pre-adjustment Trial balance

• Post-adjustment Trial balance

• The respective journals

R35 000 in Rent Income was receive, this was for 14 months. How much was received in advance?

• R5 000

• R2 916

• R2 500

• R2 500

Who got the highest mark for the term 3 cycle test?

• Lacy

• Mo

• Keanu

• Emilio