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WorksheetsDPA10183 - Quiz 2- Chapter 3 (Double Entry System)
Total questions: 20
Worksheet time: 3mins
Every transaction must have at least ONE Debit and ONE Credit entry.
TRUE
FALSE
The total of the debit values recorded must equal the total of the credit values recorded.
TRUE
FALSE
All DEBIT entry must be recorded on RIGHT side of particular account.
TRUE
FALSE
According to Accounting Equation, ASET is equal to LIABILITY minus OWNER'S EQUITY.
TRUE
FALSE
Based on accounting process, transactions are first recorded in the ledger.
TRUE
FALSE
To increase the value of an assets, the account must be DEBITED.
TRUE
FALSE
All EXPENSES will decrease in CREDIT side of the account.
TRUE
FALSE
Land & Building is one of Non Current Liabilities.
TRUE
FALSE
Discount received is one of examples of
Expenses
Revenue
Bank Overdraft is one of the examples of
Current Asset
Current Liability
Creditor is an
Current Asset
Current Liability
To record the INCREASE of Owner's Equity, the account must be CREDITED.
TRUE
FALSE
Cash in hand is one of the
Non Current Asset
Current Asset
Rental is one of
Revenue
Expenses
Current Assets
Current Liabilities
Creditor is one of
Revenue
Expenses
Current Assets
Current Liabilities
Gain on disposal of Non Current Asset is one of
Revenue
Expenses
Current Assets
Current Liabilities
An example of Non Current Assets is
Discount allowed
Fixtures & Fittings
Cash at bank
Inventory
Mortgage on Premises is one of the
Revenue
Expenses
Current Assets
Non Current Liabilities
Current liabilities are amount owed by business that are to be paid within
1 month
6 months
1 year
5 year
If the total assets is RM50,000; total Liabilities is RM30,000; therefore the total Owner's Equity should be
RM80,000
RM20,000
