WorksheetsChp 2 - Debit & Credit Rules ( Yes or No)
Total questions: 15
Worksheet time: 8mins
The proprietor brought in a book shelf which worth RM300 as additional capital.
Journal Entry:
Dr. Capital RM300
Cr. Furniture and Fittings RM300
Yes
No
Bank overdraft is considered as Liability.
Yes
No
The owner bought a computer which worth RM3,000 from Ahmad Trading on credit.
Journal Entries:
Dr. Computer RM3,000
Cr. Account Payable - Ahmad Trading RM3,000
Yes
No
The items below are considered as Assets:
Inventory
Property
Machinery
Cash at Bank
Yes
No
Ali returned RM100 of faulty goods to Bernard.
In the books of Bernard, the journal entry should be:
Dr. Account Payable - Ali RM100
Cr. Returns Outwards RM100
Yes
No
Purchases is an Expenses.
Yes
No
According to the process of Bookkeeping, the following sequence is true:
Journal 👉 Ledger 👉 Trial Balance
Yes
No
The owner returned a photocopier which worth RM1,000 to the credit seller Rahmat.
Journal Entry:
Dr. Office Equipment RM1,000
Cr. Returns Outwards RM1,000
Yes
No
"Returns Inwards" is also know as "Sales Returns".
Yes
No
The owner withdrew RM100 goods for his kid as birthday present.
Journal Entry:
Dr. Drawings RM100
Cr. Purchases RM100
Yes
No
Purchase goods by cheque.
Journal Entry:
Dr Purchases
Cr Bank
Yes
No
Paid Account Payable by cheque.
Journal Entry:
Dr. Bank
Cr. Account Payable
Yes
No
"Liability" is the amount that company owes the outsiders.
Yes
No
Customer Dora paid us her RM100 debt by cash.
Journal Entry:
Dr. Cash RM100
Cr. Account Receivable - Dora RM100
Yes
No
"Returns Outwards" makes the amount we owed to a creditor lower.
Yes
No
