WorksheetsIntroduction to Accounting
Total questions: 10
Worksheet time: 8mins
Which of the following statement is incorrect?
Assets - Capital = Liabilities
Liabilities + Capital= Assets
Liabilities + Assets = Capital
Assets - Liabilities = Capital
Which of the following is not an asset?
Buildings
Cash Balance
Debtors
Loan from K. Abdul
Which of the following is a liability?
Machinery
Creditors for goods
Motor vehicles
cash at bank
Which of the following statements is correct?
We paid a creditor by cheque ( - Bank - Accounts payable)
A debtor paid us £90 in cash (+ Cash + Accounts receivable)
J. Hall lends us £500 by cheque (+ Bank - Loan from Hall)
Bought goods on time (+ Inventory + Capital)
Given the following, what is the amount of Capital? Assets: Premises £20,000; Inventory £8,500; Cash £100. Liabilities: Accounts payable £3,000; Loan from A. Adams £4,000.
£21,100
£21,600
£32,400
£21,400
Which of the following is correct?
(I) and (II) only
(I), (II) and (III) only
(II), (III) and (IV) only
(I), (II) and (IV) only
What is the balance on the following account on 31 May 2017?
A credit balance of £395
A debit balance of £380
A debit balance of £395
There is a nil balance on the account
What would have been the balance on the account of C. De Freitas in MC17 on 19 May 2017?
A debit balance of £265
A credit balance of £95
A credit balance of £445
A credit balance of £265
Which of the following best describes a trial balance?
It shows the financial position of a business
It is a special account
It shows all the entries in the books
It is a list of balances on the books
Is it true that the trial balance totals should agree?
No, there are sometimes good reasons why they differ
Yes, except where the trial balance is extracted at the year end
Yes, always
No, because it is not a statement of financial position
