WorksheetsDouble Entry Accounting
Total questions: 32
Worksheet time: 45mins
Accounts such as Accts Payable are example of which type of Accts?
Personal Accts
Impersonal Accts
Nominal Accts
None of the Above
Customers that buy goods from us on credit are referred to as __________.
Debtors
Creditors
Customers
None of the above
When a business buys goods for resale (to be sold again), this transaction should be recorded in which f the following journal or book?
Sales Journal
Purchase Journal
Return Inwards Day Book
Return Outwards Day Book
Which of the following is an example of Real Accounts?
Building
Capital
Loans
Income
____________ are those accounts that deal with possession of the business. Example computer Equipment.
Real
Nominal
Assets
None of the Above
Which of the following is an example of Nominal Accts?
Accts Payable
Building
Expenses
Accts Receivable
Customers who buy goods or services on credit from us are record in which account?
Accts Receivable
Return Inwards
Accts Payable
Return Outwards
Which of the following document is prepared to show the company Net Profit for the year?
Cash Book
Trading and profit and Loss Acct
Statement of Financial Position
Balance Sheet
What source document is given when a customer pays off his account in cash?
Receipt
Invoice
Debit Note
Credit Note
In which book of original entry will transactions be recorded when customers return goods back to the company?
Sales Journal
Purchase Bood
Return inwards Book
Return outwards Book
When we return good to our supplier because it was damaged, we will be issued a _________________.
Debit Note
Credit Note
Petty Cash Voucher
A Cheque
When a customer returns good to us because it was damaged. Where will this transaction be recorded?
Return Outwards Book
Return Inwards Book
Accounts Payable Acct
Cash Book
A business that has one owner?
Partnership
Non-Trading Organization
Sole Proprietor
Private Limited company
A type of Business that is owned and operated by by five brothers.
Partnership
Non-Trading Organization
Sole Proprietor
Private Limited company
A type of Business that is concern with the economic welfare of its members and that of the wider society.
Cooperative Society
Non-Trading Organization
Sole Proprietor
Private Limited company
The Accounting Cycle is the period for which a business operates and its usually for an entire year?
True
False
Impersonal Accounts are divided into Nominal and _____________ Accts.
Personal Accts
Accts Receivable
Accts Payable
Real Accts
Miscellaneous transactions are recorded in which journal?
Sales Journal
Return Outwards Book
The Journal
Purchase Journal
In Double Entry Accounting, this means that ALL transactions will affect two or more accounts.
True
False
What is another name for the Trading and Profit and Loss Account?
Income Statement
Balance Sheet
Trial Balance
None of the Above
What is the primary purpose of a Balance Sheet?
To show the company's revenues and expenses
To provide a snapshot of the company's assets, liabilities, and equity
To record daily transactions
To summarize cash inflows and outflows
Which account is used to record amounts owed to suppliers?
Inventory Account
Accounts Receivable
Accounts Payable
Cash Account
What type of account is used to track the income generated from sales?
Real Account
Nominal Account
Impersonal Account
Personal Account
What is the primary purpose of a Nominal Account?
To summarize cash transactions
To track assets
To manage liabilities
To record income and expenses
Which of the following accounts would be classified as a Real Account?
Rent Expense
Sales Revenue
Cash
Service Income
What type of document is issued when a company receives payment from a customer?
Invoice
Receipt
Credit Note
Debit Note
Which of the following is a characteristic of a Sole Proprietorship?
Multiple owners
Separate legal entity
Single ownership
Limited liability
What is the primary function of the Cash Book?
To track cash inflows and outflows
To record all sales transactions
To manage inventory
To summarize accounts payable
Which financial statement provides information about a company's cash position at a specific point in time?
Statement of Changes in Equity
Balance Sheet
Income Statement
Cash Flow Statement
Which account is used to record the revenue generated from services provided?
Real Account
Nominal Account
Personal Account
Impersonal Account
What type of document is issued when a company issues a refund to a customer?
Receipt
Invoice
Credit Note
Debit Note
Which of the following is an example of a liability account?
Accounts Payable
Cash
Sales Revenue
Inventory
