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WorksheetsPrinciples of Accounts Revision Quiz
Total questions: 20
Worksheet time: 20mins
What is a Balance Sheet?
A book that shows only assets.
It is a financial statement that shows the assets, liabilities, and capital of a business at a specific date.
A statement that shows liabilities and capital at a specific date.
Is a written document of a business.
True or False. The Balance Sheet is also known as the Statement of Financial Position.
True
False
The most liquid asset is.....
Cash
Property
Motor Vehicle
Fittings
How many books of original entries are there?
5
6
4
7
The picture above represents which format of the balance sheet?
(a)
True or False. The statement of financial position may be presented in one of two formats: The Horizontal or Vertical Format.
True
False
Purchase goods on credit from Sofea.
Sales Journal
Purchase Journal
Cash Book
Purchase Return Journal
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
An article is subject to a 20% trade discount. Its listed
price is $600. What is the sale price?
$120
$480
$580
$720
Bookkeeper discovers that an amount paid to a
supplier has been wrongly entered in another
supplier’s account. What book of original entry will
the bookkeeper use when correcting this error?
Cash book
General Journal
Purchases Day Book
Sales Day Book
Supplier found that it has undercharged business for the goods bought earlier
Debit note received
Debit note issued
Credit note received
Credit note issued
The business returned some faulty goods to supplier
Debit note received
Debit note issued
Credit note recieved
Credit note issued
True or False. The Return Outwards Journal/Return Outwards Day Book: this is used to record goods returned to the business by its customers.
True
False
The three (3) types of ledgers are:
(a)
The two (2) types of transactions are:
Cash Transaction
Debit Transaction
Credit Transaction
What is true about the source document?
A source document captures the key information about a transaction, such as the names of the parties involved.
A source document is an original document that contains the details of a business transaction.
A source document captures the key information about a transaction, such as the amounts paid (if any), the date, and the substance of the transaction.
All of the above
The diagram above represents which cycle?
Maths Cycle
Book-keeping Cycle
The Accounting Cycle
The picture above represents which source document?
Sales Invoice
Credit Note
Petty Cash Voucher
Receipt
What goes up but never comes down?
Aeroplane
Water
Rain
Your age
