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POA GR. 10 non standardise

Total questions: 54

Worksheet time: 5hrs 30mins

Name
Class
Date
1.

Purchase goods on credit from Sofea.

a)

Sales Journal

b)

Purchase Journal

c)

Cash Book

d)

Purchase Return Journal

2.

Cash sales to Aminah

a)

Cash Book

b)

Sales Journal

c)

Purchase Journal

d)

Sales Return Journal

3.

Paid wages by cheque.

a)

Purchase Journal

b)

Sales Journal

c)

Cash Book

d)

Purchase Return Journal

4.

Issue an invoice to Isa for goods sold.

a)

Sales Journal

b)

Sales Return Journal

c)

Purchase Journal

d)

Purchase Return Journal

5.

Sold goods on credit to Sun Shine Trading

a)

Sales Journal

b)

Purchase Journal

c)

Sales Return Journal

d)

Cash Sales

6.

Which of the following is not a Book of Prime Entry?

a)

Sales Journal

b)

Cashbook

c)

Purchases Journal

d)

Sales Ledger

7.

Cashbook is used to record all cash and bank transactions

a)

True

b)

False

8.

Sales Return Journal is used to record

a)

Cash transactions

b)

Payment to creditors

c)

Return of goods by customer

d)

Return of goods to supplier

9.

When a credit customer pays a cheque to settle her account, record in

a)

Sales Journal

b)

Purchases Journal

c)

Cashbook

d)

General Journal

10.

A cheque counterfoil is the source document for

a)

Return inwards

b)

Return outwards

c)

Payment of cash

d)

Payment of cheque

11.

X sends back $800 of faulty goods to Y in

which book of prime entry would Y record this

transaction?

a)

General Journal

b)

Purchases Journal

c)

Sales Journal

d)

Sales Returns Journal

12.

An article is subject to a 20% trade discount. Its list

price is $600. What is the sale price?

a)

$120

b)

$480

c)

$580

d)

$720

13.

Journal is called a book of

a)

(a) primary entry

b)

(b) secondary entry

c)

(c) final entry

d)

(d) none of the above

14.

The main aim of Accounting is

a)

Maintain ledgers for every assets and liabilities

b)

To provide information to users

c)

Produce a trial balance

d)

To record every single transaction

15.

A source document is

a)

Where transactions are recorded after recording into the prime entry books

b)

Where transactions are recorded at last

c)

Not an evidence to prove that the transaction occured

d)

The origin of the information that is recorded into the accounting books

16.

Source documents gives information that is recorded in the __________

a)

Trial Balance

b)

Prime Entry Books

c)

General Journal

d)

Income Statement

17.

Which of the following best describes the purpose of a purchase invoice?

a)

Issued by a supplier as a request for payment

b)

Sent to a supplier as a request for a supply

c)

Issued by a supplier listing details of recent transactions

d)

Sent to the supplier as a notification of payment

18.

Why do sellers give trade discounts to their customers?

a)

To encourage prompt payment

b)

To sell in bulk

c)

To sell the most cheapest goods

d)

To get payments in installments

19.

Which of the following transactions are recorded in a sales journal

a)

All the sales made by the business

b)

Sale of Non Current Assets

c)

Sale of goods on cash

d)

Sale of goods on credit

20.

Which of the following is not true about Purchase Journal

a)

The source document is Invoice

b)

Purchase of goods made in cash are recorded

c)

Purchase of goods made in credit are recorded

d)

Purchase returns are not recorded

21.

Record sales of goods on credit in the _______________.

a)

Sales Journal

b)

Purchases Journal

c)

Cash Receipts Journal

d)

Cash Payments Journal

e)

General Journal

22.

Purchases of goods on credit are recorded in the ____________.

a)

Sales Journal

b)

Purchases Journal

c)

Cash Receipts Journal

d)

Cash Payments Journal

e)

General Journal

23.

The source document for a cash purchase is

a)

a quotation

b)

an invoice

c)

a receipt

d)

a cheque

24.

Please pick the most suitable special journals to record the following transaction.


Purchased goods worth RM 1,500 from supplier on credit.

a)

Purchase Journal

b)

Sales Journal

c)

Purchase returns Journal

d)

Sales returns Journal

25.
Personal accounts are related to ______.
a)
Assets and Liabilities
b)
Expenses, losses and incomes
c)
Debtors, Creditors etc
d)
Liabilities, Capital
26.
When a trader sells goods on credit, he prepares _________ which contains the name of the party to whom the goods are sold, the rate, quantity and the total amount of sale.
a)
Cash memo
b)
Invoice
c)
Debit note
d)
Receipt
27.

Which two of the following are the " Book of Original Entry " ?

a)

Sales Ledger

b)

Sales Journal

c)

Purchases Ledger

d)

Purchases Journal

28.

Bought goods on credit.


Which journal should be used?

a)

Goods Journal

b)

Purchases Journal

c)

Sales Journal

d)

Credit Journal

29.

Sold goods on credit.


Which journal should be used?

a)

Goods Journal

b)

Purchases Journal

c)

Sales Journal

d)

Credit Journal

30.

Bought goods and paid using cash.


Which journal should be used?

a)

Purchases Journal

b)

Goods Journal

c)

Cash Book

d)

Cash Journal

31.
Assets 
a)
Anything owed by the company
b)
Anything owned of value by the company
32.
Supplies purchased on account that will be paid for at a later date is a liability.
a)
True
b)
False
33.
In what accounting element can we classify INVENTORIES?
a)
Asset
b)
Liabilities
c)
Equity
34.
If the total liabilities is P 15, 000 and the total assets is P 23,000, what is the total equity using the accounting equation?
a)
P 8,001
b)
P 8,000
c)
P 8,000.01
35.
What account type is the cash account?
a)
Liability
b)
Asset
c)
Equity
36.

Furniture is regarded as

a)

Assett

b)

Fixed Assett

c)

Liability

d)

Current Liability

37.
Purchases from a supplier on credit is a liability.
a)
True
b)
False
38.

Assets= Capital+--------------.

(a)  

39.

The accounting equation is Assets + Liabilities = Capital. True of False?

a)

True

b)

False

40.

The accounting equation is Assets - Liabilities = Owner's Equity (Capital). True of False?

a)

True

b)

False

41.

Which one of the following is not an external user of accounting information?

a)

Investor

b)

Creditor

c)

Manager

d)

Customer

42.

Which one of the following is not an external user of accounting information?

a)

Investor

b)

Creditor

c)

Manager

d)

Customer

43.

Which of the following shows the accounting cycle

a)

Source documents>Journals>ledgers>Final accounts>Trial Balance

b)

Source documents> Journal>Final accounts>Trial Balance>ledgers

c)

Source documents>Books of original entry>Ledgers>Trial balance>Final accounts

d)

Source documents>Journals>Books of original entry>Trial balance>Final accounts

44.

_________________ are those accounts which deals with possessions of the business eg. machinery

a)

Nominal accounts

b)

Real accounts

c)

Impersonal accounts

d)

Sales Accounts

45.

Those accounts which deals with people and firms

a)

Personal accounts

b)

Real accounts

c)

Impersonal accounts

d)

Sales Accounts

46.

Those accounts which deals with income and expenses

a)

Personal accounts

b)

Real accounts

c)

Impersonal accounts

d)

Nominal Accounts

47.

D. Lee sold to M.Guscott the following: 5 bags @2,000 each, 4 Tablets at $20,000 and 2 smart phones at $50,000 each. She gave M.Guscott a 25% Trade discount. What is the total cost to be paid?

a)

$190,000

b)

$130,000

c)

32,500

d)

$97,500

e)

$142,500

48.

D. Lee sold to M.Guscott the following: 5 bags @2,000 each, 4 Tablets at $20,000 and 2 smart phones at $50,000 each. She gave M.Guscott a 25% Trade discount. What is the total discount received?

a)

$190,000

b)

$47,500

c)

32,500

d)

$97,500

e)

$142,500

49.

G. Forsythe bought the following on credit from D. Dean: 4 pens @ $50 each and 10 chocolate bars @ $60 each. A 10% trade discount was given. This

a)

should be posted to the Sales Journal of G. Forsythe with an amount of $720

b)

should be posted to the Purchases Invoice of G. Forsythe with an amount of $80

c)

should be posted to the Purchases Journal of G. Forsythe with an amount of $720

d)

should be posted to the Sales Invoice of G. Forsythe with an amount of $720

50.

G. Forsythe bought the following on credit from D. Dean: 4 pens @ $50 each and 10 chocolate bars @ $60 each. A 10% trade discount was given. This

a)

should be posted to the Sales Journal of D. Dean with an amount of $720

b)

should be posted to the Purchases Invoice of G. Forsythe with an amount of $80

c)

should be posted to the sales invoice of G. Forsythe with an amount of $720

d)

should be posted to the Sales Invoice of D.Dean with an amount of $800

51.

A. Clarke and R. Bernard are in business. R. Bernard sold goods on credit to A. Clarke. In the books of R. Bernard who is A. Clarke?

a)

accounts payable

b)

accounts receivable

c)

an expense

d)

a supplier

52.

S. Laidley and L. Duncan are in business. S. Laidley bought goods on credit from L. Duncan. What type of source document should L. Duncan prepare?

a)

Sales Journal

b)

Purchases Journal

c)

Sales Invoice

d)

Purchases invoice

53.

B. Levein sold $700 worth of goods on credit to E. Hamilton. How should this be recorded in the books of Hamilton.

a)

Sales invoice > Sales day book $700>trial balance

b)

Purchases day book > Purchases invoice>purchases ledger

c)

Sales invoice>Sales daybook> Sales ledger and General ledger

d)

Purchases invoice>Purchases daybook> Purchases ledger and General ledger

54.

The process of identify, classify, recording and communicating business transaction is called as book-keeping.

a)

True

b)

False

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