NEW
Font size
WorksheetsPOA assessment 1 - term 2
Total questions: 35
Worksheet time: 17mins
An Asset is:
Refers to items that are owned
Refers to amounts that are owed to others
Refers to amounts earned
Expenses are those items that are:
Direct costs for producing goods
Costs associated with operating a business
All the company outflows
To journalize business transactions, refers .
Recording them in the general journal
Recording them in the general ledger
Organizing the company paperwork
Accounts Payable is classified as a/an ___________ in the _____________.
Current asset; Balance Sheet
Current liability; Balance Sheet
Expense; Income Statement
Revenue; Income Statement
What is meant by accounts receivable?
Money owed to a company by its debtors
Money owed by a company to its creditors
Money owed to a company by its employees
Money owed by a company to its vendors
Started a business with $25000 cash
Debit Cash /Credit Capital
Credit Capital/Debit Cash
Bought office furniture by cheque $1500
Credit Bank / Debit Office Furniture
Debit Office Furniture/Credit Bank
Bought motor van paying by cheque $6000
Debit Motor Van/Credit Bank
Debit Bank/ Credit Motor Van
Bought machinery $7500 on credit for Planer Ltd.
Debit Planer Ltd./ Credit Machinery
Debit Machinery/ Credit Planer
Paid the amount owing to Planers Ltd $7500 by cheque
Debit Bank/Credit Planers Ltd.
Debit Planers Ltd/ Credit Bank
Received $600 cash from J. Walker
Debit Cash / Credit J. Walker
Debit J. Walker/Credit Cash
Bought more machinery by cheque $2800
Debit Bank/Credit Machinery
Debit Machinery/Credit Bank
Took $500 out of the bank and put it into the cash till.
Debit Cash/Credit Bank
Debit Bank/Credit Cash
Sold office machinery for cash
Debit Cash/Credit Office Machinery
Debit Office Machinery/Credit Cash
Put 14000 cash into the bank.
Debit Cash/Credit Bank
Debit Bank/Credit Cash
Purchase goods on credit from Sofea.
Sales Journal
Purchase Journal
Cash Book
Purchase Return Journal
Paid wages by cheque.
Purchase Journal
Sales Journal
Cash Book
Purchase Return Journal
Issue an invoice to Isa for goods sold.
Sales Journal
Sales Return Journal
Purchase Journal
Purchase Return Journal
Sold goods on credit to Sun Shine Trading
Sales Journal
Purchase Journal
Sales Return Journal
Cash Sales
Which of the following is not a Book of Prime Entry?
Sales Journal
Cashbook
Purchases Journal
Sales Ledger
Cashbook is used to record all cash and bank transactions
True
False
A credit customer returned some damaged goods to the business.
Sales Return Journal
Purchase Return Journal
Purchase Journal
Sales Journal
A receipt is used as a source document for
Credit sales
Credit purchases
Payment of cash
Return of goods to supplier
Sales Return Journal is used to record
Cash transactions
Payment to creditors
Return of goods by customer
Return of goods to supplier
A cheque counterfoil is the source document for
Return inwards
Return outwards
Payment of cash
Payment of cheque
X sends back $800 of faulty goods to Y in
which book of prime entry would Y record this
transaction?
General Journal
Purchases Journal
Sales Journal
Sales Returns Journal
The return of the damaged book by the customer
Sales Return Journal
Purchases Return Journal
Cash Book
General Journal
Sell assets on credit
Sales Journal
Purchases Journal
Cash Book
General Journal
Buy the goods on a credit basis
Sales Journal
Purchases Journal
Cash Book
General Journal
General Journal is to record the following business transaction EXCEPT
Opening Entry
Purchase and Sales of fixed asset
Drawing goods and fixed asset
Additional Capital
Purchase and Sales of goods
The debit side is on which side of the account?
Left
Right
The credit side is on which side of the account?
Left
Right
Accounts Receivable increases in which side of a T-account?
Debit
Credit
The owner invested additional equipment in the business, which of the following accounts should be debited?
Equipment
Cash
Owner's, Capital
Owner's, Equity
The owner withdrew cash from the business, which of the following account title should be debited?
Owner's, Drawing
Cash
Owner's, Capital
None of the choices is correct.
