Accounting Transactions Quiz

What is the effect of the following transaction on the accounting equation? Bought goods for R10 000 from Ferrari Traders and paid with an EFT.

• Assets increases and owner's equity increases with R10 000

• Assets increases and assets decreases with R10 000

• Assets decreases and liabilities increases with R10 000

• Assets increases and liabilities increases with R10 000

What is the effect of the following transaction on the accounting equation? Purchased packing material on credit from Red bull wholesalers for R25 000.

• Owners' equity increases and liabilities decreases with R25 000

• Assets increases and assets decreases with R25 000

• Assets decreases and liabilities increases with R25 000

• Owners' equity decreases and liabilities increases with R25 000

What is the effect of the following transaction on the accounting equation? Sold goods for cash, R2 500; cost price is R1 250.

• Assets increases with R1 250 and Owners' equity increases with R1 250

• Assets increases with R2 500 and decreases with R1 250

• Assets decreases with R1 250 and liabilities increases with R1 250

• Assets decreases with R1 250 and liabilities decreases with R1 250

State whether the following statement is true or false? The source document for cash sales is a cash register roll.

• True

• False

The accounts debit and credit of the following transaction in the General ledger are as follow: Sold goods on credit for R5 000; Cost price R3 000

• Dt Bank and Cr Sales with R5 000; Dt cost of sales and Cr Trading stock with R3 000

• Dt Bank and Cr Sales R5 000;

• Dt Cost of sales and Cr Trading stock R3 000

• Dt Debtors Control and Cr Sales with R5 000; Dt Cost of sales and Cr Trading stock with R3 000

When the business pays off its debt to a creditor it is entered in the …

• DJ

• CRJ

• CPJ

• CJ

When the debtors pay off their debt to our business, it is entered in the …

• DJ

• CRJ

• CPJ

• CJ

The accounts debit and credit of the following transaction in the General ledger are as follow: when the business pays of its debt to a creditor

• Dt Bank and Cr Creditors Control

• Dt Creditors Control and Cr Bank

• Dt Bank and Cr Debtors Control

• Dt Debtors Control and Cr Bank

The accounts debit and credit of the following transaction in the General ledger are as follow: when the debtors pays off its debt to our business

• Dt Bank and Cr Creditors Control

• Dt Creditors Control and Cr Bank

• Dt Bank and Cr Debtors Control

• Dt Debtors Control and Cr Bank

The accounts debit and credit of the following transaction in the General ledger are as follow: the owner withdrew cash for his personal use

• Dt Bank and Cr Drawings

• Dt Bank and Cr Wages

• Dt Wages and Cr Bank

• Dt Drawings Cr Bank