WorksheetsDouble Entry and Trial Balance Quiz
Total questions: 35
Worksheet time: 29mins
Which of the following is an asset?
Stock for resale
Family borrowings
Creditors
Net profit
Which of the following is a liability?
People that owe you
People that you owe
Cash
Bank
Capital is defined as
Money from friends and family
Cash
Stock
Any resource invested into the business by the owner
Choose which of the following are examples of expenses
Rent due
Electricity due
Insurance already paid for
Wages
When a customer brings back goods to your business its classed as what?
(a)
Which are examples of revenue?
Money earned from rent
Money gained from discounts
Sale of an asset
Bills paid
When you return goods to your supplier its classed as
(a)
Assets are found on the credit side of the trial balance true or false
True
False
Capital is found on the credit side of the trial balance true or false
True
False
Which options are examples of assets
Cash
Money in the bank
a loan
worker salaries
The financial statement that checks to see the accuracy of our business transactions is known as
(a)
The trial balance is correct when it balances true or false?
True
False
Which are the headings in the trial balance?
Debit column
Credit column
Account Details
Sales
Purchases
The trial balance is part of the accounting cycle. Is this statement true or false?
True
False
Which of the following accounts can be found in a Trial Balance?
Assets
Captial
Liabilities
Expenses
Revenues
After completing ledger entries only then can you create a trial balance. True or False?
True
False
Motor Vehicles, Fixtures and Accounts Receivable are all found on the debit side of the Trial Balance?
Yes
No
Owners Equity, Accounts Payable and Cash are all found on the credit side of a Trial Balance. True or False
True
False
Insurance and Rent expenses are all debited on a Trial Balance?
Yes
No
Which of the following Financial Statements can be done after the Trial Balance has been completed?
Income Statement
Cash Book
Statement of Financial Position
Which is not an example of a revenue
Sales
Rent Received
Commission Received
Commission Payable
If we buy a motor car on credit how would this be recorded using double entry?
Dr : Car
Cr: Accounts payable
Dr: Car :
Cr Cash
Dr: Cash
Cr: Car
Dr: Car
Cr: Bank
How to record payment of rent by cash?
Dr: Cash
Cr: Rent
Dr: Rent
Cr: Cash
Dr: Rent
Cr Bank
Dr: Rent
Cr: Accounts Payable
Expenses are found on which side of the Trial Balance?
Debit
Credit
Not found on the trial balance
Balancing off ledgers can be done before all transactions have been recorded is this true or false?
False
True
There can still be errors found in the trial balance even if the figures balance off is this true or false?
True
False
We sold goods to Polly on credit worth $200 how will this be recorded?
Dr: Polly $200
Cr: Sales $200
Dr: Sales $200
Cr: Polly $200
Dr: Sales $200
Cr: Cash $200
Dr: Cash $200
Cr: Sales $200
We bought goods from ABC LTD and paid by cheque worth $300 how would this be recorded?
Dr: Purchases $300
Cr: ABC LTD $300
Dr: Purchases $300
Cr: Bank $300
Dr: Sales $300
Cr: Bank $300
Dr: Purchases $300
Cr: Cash $300
How do you balance off an account?
List the order of the accounting cycle
Revenues are found on which side of the trial balance?
Credit
Debit
None
Liabilities are found on which side of the trial balance?
Debit
Credit
None
Assets are recorded on the debit side of the trial balance. Is this true or false?
True
False
Trial Balances usually have a variety of errors which is the main disadvantage of this statement. Is this true or false?
True
False
Which of the following is considered a main use of the Trial Balance?
To be used to create other statements
To help make decisions in business
Not used in locating errors
No uses
