WorksheetsTERM 2 ASSESSMENT FORM5L3
Total questions: 25
Worksheet time: 50mins
1. A cashbook which records both cash and bank transactions is called a …… cashbook.
single column
flex
double column
hyper
3. The discount on the debit side of a triple column cashbook is called………
discount allowed
Trade discount
discount received
discount flow
4. The discount on the credit side of a triple column cashbook is called ……
discount allowed
Trade discount
discount received
discount flow
6. A credit balance in the bank columns of the cashbook is called ……………
withdrawal
overbank
overdraft
overboard
7. The letter ‘C’ in the folio column of a two or three column cashbook stands for……
coffee
contra entry
coconut
control
What is the opening balance figure?
50000
5000
15000
150000
What side is the Bal.c/d in this question?
DEBIT
CREDIT
Which side has a greater total in this account?
DEBIT
CREDIT
What is the Bal.b/d in this account?
2000
30000
14000
16000
Estimated sales value of an asset after its working is called (a) .
In Straight line method, annual amount of depreciation remains (a) in comparison to diminishing balance method
A company purchased machinery on December 31,2017 for $60,000. Depreciation IS charged @10% p.a. under Straight Line Method. The total Depreciation till December 31, 2019 is $ (a) .
When Provision for depreciation account is created depreciation is charged to (a) .
A cash deposit made by business appears on the bank statement as _______ balance.
Debit
Credit
Expenses
Liabilities
Whenever money is deposited by the business, a credit entry in its records corresponds to a debit entry in the bank's records.
True
False
If the bank charges the business fees, the bank makes a credit entry in the bank statement.
True
False
The total of the Cash at Bank column is:
$8750
$8100
$16100
$4000
None of the above
If the final balance in the bank statement is $3500 Dr, unpresented cheques equal $200 and outstanding deposits total $400, the final balance in the business's bank account is:
$3700 Dr
$3700 Cr
$3300 Cr
$3300 Dr
A payment of $6,500 by cheque was wrongly recorded on the debit side of the cash book.
Cash book,
Dr Cash Cr payment overstated
Cash book,
Dr payment understated Cr Cash
Bank Rec. item, Add to bank balance
Bank Rec. item, less from cash book bal.
If the bank charges the business fees, the bank makes a credit entry in the bank statement.
True
False
After calculating the profit for a trading year at $75,000, an accountant found that a bad debt of $2,000 had been overlooked, and that a Provision for Doubtful Debts of $2,500 should have been made.
When these items are taken into the account the net profit will be:
$79,500
$75,500
$74,500
$70,500
Which one of the following items is recorded in the Profit and Loss appropriation account
Interest on Loan
Partner Salary
Rent paid to Partner’s
Managers Commission
Partners current accounts are opened when their capital accounts are:
Fixed and Fluctuating both
Fixed
None of these
Fluctuating
