WorksheetsLecture 1-5 Revision Test (theory)
Total questions: 10
Worksheet time: 7mins
Which of these elements are recorded in the statement of profit and loss?
Assets
Expenses
Cost of Goods Sold
Equity
What will be the double entry for a debtor paying full for his purchase of goods?
Use: Dr, Cr, Accounts Receivable, Accounts Payable, Sales, Purchases, Cash
(a)
Scenario: Muthu paid you in cash (RM300) for a car wash service.
The bookkeeper debited RM300 to revenue account and credited RM300 to cash account.
How should he adjust this error? State the double entry.
(a)
What are the uses of financial statements to the internal users?
Managerial accounting
Internal decision making
To post on social media
Reviewing and critiquing
Which one is a subsidiary ledger?
Ah Meng
Sales
Accounts Payable
Purchase Return
Which transactions are to be recorded in the cash receipts account?
Cash from cash sales
Cash from bank loan
Cash from payable tax
Cash from credit customers
Choose the ones that are the external users of financial statements
Shareholders
Board of Directors
Managers
Lenders
Government
Why is cash basis not used by businesses?
Which of these accounting equations are balanced?
Increase in liability, decrease in equity
Decrease in asset, increase in liability
Increase in equity, decrease in asset
Decrease in liability, increase in liability
Which of the following statement is NOT true?
Accountants are heavily involved in the budgeting process for a business entity.
Sales journal are to record credit sales.
Accrued expenses are is a liability account.
Accounting information for decision making is concerned with the past.
