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WorksheetsQUIZ 4 : ACCOUNTING CYCLE
Total questions: 15
Worksheet time: 9mins
The following items are recorded in the general journal except :
purchase of non-current assets on credit
purchase of goods on credit from supplier
withdrawal of goods by the owner for personal used
opening entries, adjusting entries and closing entries
Which of the following is correct :
Paid salaries by cash : Dr salaries; Cr cash
Return goods previously bought on credit : Dr Purchases; Purchase returns & allowance
Took cash for personal used : Dr Cash; Cr Drawings
Received refund rent by cheque : Dr Rental; Cr Bank
A cash discount on purchase should be debited to
a revenue account
an expenses account
a debtors account
a creditors account
A credit note received from a supplier should be recorded in the
cash receipts journal
cash payment journal
general journal
purchase journal
The sales journal is
used to record all sales
used only to record sales on credit
used only to record cash sales
none of the above
The purchase journal is
used only to record credit purchases
used only to record cash purchases
used to record all purchases
all of the above
A credit note is used as documentation in a business for a journal entry that requires a debit to
Sales returns and credit to Accounts receivable
Purchase returns and credit Accounts payable
Accounts receivable and credit Sales returns
Accounts receivable and credit Sales
Freight-in is charged as part of costs of goods sold because
it is not part of expenses
it is an expense connected with purchasing of goods
freight-out is charged to the statement of Profit or Loss and other Comprehensive Income
it is not an item in the Statement of Financial Position
All of the following are true about cash discount except
to encourage customers to pay promptly
to encourage customer to buy in large quantity
it is received or given for credit purchase or sales only
it is usually valid for a specified period of time only
Goods were sold on credit 15 August 2020. The term of credit were 2/10, n/30. The last date for payment to obtain 2% discount is
August 25, 2020
August 24, 2020
August 26, 2020
On September 10, Atiqah Trading sold merchandise with a list price of RM5,000. The business gave 10% trade discount. The entry to record the sale of merchandise requires a credit to
Sales for RM4,500
Sales for RM5,000
Sales for RM4,500 and trade discount for RM500
None of the above
Trade discount on purchase
is a liability
is an asset account
is an expense account
is none of the above
Which of the following items should be included in the costs of goods sold?
custom duties
freight-in
freight-out
insurance on goods purchase
commission on sales
Norzehan, a trader issued a debit note to her supplier, Kedai Runcit Awie, because she returned some damaged goods worth RM150. On receiving the debit note, Kedai Runcit Awie would
debit sales returns accounts and credit Norzehan account
debit Norzehan accounts and credit purchase returns account
debit purchase returns account and credit Norzehan account
debit Norzehan account and credit sales returns account
Which of the following statements is correct?
The statement of Profit or Loss and Comprehensive Income shows the assets and liabilities of a firm during an accounting period.
The statement of Financial Position shows the revenues and expenses of the firm during an accounting period.
The Trial Balance act as a test of equality of the debit and credit balances in the ledger.
The Statement of Financial Position shows the assets, liabilities and owners' equity of a business on a given date.
