NEW
Font size
WorksheetsEstablish and Maintain an Accrual Accounting System
Total questions: 23
Worksheet time: 28mins
A listing of the names of the accounts that a company has
identified and made available for recording transactions in its general ledger.
Asset accounts
Chart of Account
Liability accounts
Contra-accounts
Represent the company's earnings and common
examples include sales, service revenue and interest income.
Asset accounts
Liability accounts
Revenue accounts
Expense accounts
Represent the company's expenditures
Asset accounts
Liability accounts
Revenue accounts
Expense accounts
Are accounts with negative balances that offset other balance sheet accounts.
Asset accounts
Chart of Account
Liability accounts
Contra-accounts
Common examples are utilities, rents, depreciation, interest, and insurance:
Asset accounts
Liability accounts
Revenue accounts
Expense accounts
Examples are accumulated depreciation (offset against fixed
assets), and the allowance for bad debts (offset against accounts receivable).
Asset accounts
Chart of Account
Liability accounts
Contra-accounts
Represent the different types of economic obligations of an
entity
Asset accounts
Chart of Account
Liability accounts
Contra-accounts
Represent the value of assets after deducting the value of all liabilities.
Asset accounts
Equity accounts
Liability accounts
Contra-accounts
A commercial document that itemizes a transaction between a buyer and a seller.
Credit Note
Memorundom
Invoice
Receipt
form of invoices raised by a business and delivered to the customer for payment within an agreed time frame
Sales invoice
Purchase invoice
Liability invoice
Revenue invoice
invoices has been received from a Creditor for goods or services provided to business and agree to pay within time frame.
Sales invoice
Purchase invoice
Liability invoice
Revenue invoice
A business document that issued for Returns of goods or assets bought on account.
Invoice
Cheque
Receipt
Credit Note
A business document that issued for Cash Payments to Accounts Payable.
Invoice
Cheque
Receipt
Credit Note
A business document that issued for Credit Sales of goods.
Invoice
Cheque
Receipt
Credit Note
Hanoof purchase goods on account, the entry will be:
Dr. purchases
Cr. accounts payable
Dr. accounts receivable
Cr. sales
Dr. accounts payable
Cr. purchases return or assets
Dr. sales return or assets
Cr. accounts receivable
Marwa Sold goods on account, the entry will be:
Dr. purchases
Cr. accounts payable
Dr. accounts receivable
Cr. sales
Dr. accounts payable
Cr. purchases return or assets
Dr. sales return or assets
Cr. accounts receivable
Hanoof return the goods that she bought on account, the entry will be:
Dr. purchases
Cr. accounts payable
Dr. accounts receivable
Cr. sales
Dr. accounts payable
Cr. purchases return or assets
Dr. sales return or assets
Cr. accounts receivable
the customer return to Marwa the goods that she sold on account, the entry on Marwa account will be:
Dr. purchases
Cr. accounts payable
Dr. accounts receivable
Cr. sales
Dr. accounts payable
Cr. purchases return or assets
Dr. sales return or assets
Cr. accounts receivable
Accounts receivable that harder to be collected:
Account payable
Uncollectible Accounts
Accumulated depreciation
Sales
When a company expects that some customers will not pay what they promised
Bad Debts
Account Receivable
Account Payable
Accumulated Account
All are Steps in allowance method, Except:
Recording estimated uncollectible
Recovery of uncollectible Accounts
Recording estimated Expense
Recording The write – Off of uncollectable account
A method of collecting past-due accounts:
Direct write-off method
Sending demand letters.
Unlegal action
Recording estimated uncollectible
Method of accounting for uncollectible accounts is:
Allowance method
Accumulated method
Revenue method
Expense method
