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WorksheetsSenior Middle 1 Book-Keeping
Total questions: 20
Worksheet time: 41mins
Which of the following statements is INCORRECT.
Assets - Capital = Liabilities
Liabilities + Capital = Assets
Assets - Liabilities = Capital
Liabilities+ Assets = Capital
The double entry for the purchase of computer for resale on credit from Lee Company is ______.
Debit : Office Equipment
Credit : Lee Company
Debit : Stationery
Credit : Lee Company
Debit : Purchases
Credit : Lee Company
Debit : Purchases
Credit : Cash
According to the rule of debit and credit in the double entry bookkeeping, which of the following is TRUE?
Asset ↑, Liability ↓, Capital ↓ to be recorded in Credit side.
Asset ↓, Liability ↑, Capital ↑ to be recorded in Credit side.
Asset ↑, Liability ↑, Capital ↓ to be recorded in Credit side.
Asset ↓, Liability ↓, Capital ↑ to be recorded in Credit side.
A Trial Balance is just a/an________.
account
ledger
journal
list of accounts
Which of the following items should not be included in the calculation of the cost of sales?
Purchases
Carriage Inwards
Carriage Outwards
Closing inventory from the previous accounting period
Inventory, 1 January 2020 RM 870;
Inventory, 31 December 2020 RM 940;
Purchases RM 8,280;
Sales RM 1,010.
What is the Cost of Sales?
RM8,210
RM8,350
RM9,150
RM9,220
Which of the following statements are CORRECT?
I Net loss is debited to Capital Account
II Net profit is gross profit less cost of goods sold
III Net profit is credit to Capital Account
IV Net profit is gross profit less operating expenses
I, III
II, IV
I, II, IV
I, III, IV
A Statement Of Financial Position consists of
assets, liabilities and capital
assets, liabilities, capital and expenses
income, drawings, assets and liabilities
income, expenses and drawings
What is the double entry for Closing Inventory?
Debit : Purchases Account
Credit : Inventory Account
Debit : Trading Account
Credit : Inventory Account
Debit : Inventory Account
Credit : Purchases Account
Debit : Inventory Account
Credit : Trading Account
Which of the following are nominal accounts?
I Office Premises
II Discount Received
III Car Repairs
IV Cash at Bank
I and II
II and III
II and IV
III and IV
A loan repayable with a year is a ___________.
Non-Current Liability
Current Liability
Current Assets
Non-Current Assets
The most liquid item in current assets is________.
Inventory in Hand
Cash in Hand
Account Receivable
Cash at Bank
Which of the following is included in Non-Current Assets on the Statement Of Financial Position?
Motor Vehicles
Cash
Accounts Payable
Accounts Receivable
The cash balance shown in financial statement should be treated as which of the following items?
Other incomes
Current assets
Current liabilities
Operating expenses
This is what the business owes to outsiders.
Assets
Liabilities
Loan To Employee
Owner's Equity
An overdraft is a:
Current Asset
Current Liability
Non-current Asset
Non-current Liability
How to find Net Profit/(Net Loss)?
Opening Capital + Drawings
Closing Capital - Opening Capital + Drawings
Closing Capital - Drawings
Opening - Drawings - Closing Capital
Purchases
Sales
Interest Income
Carriage Outwards
Which type accounts are they belongs to:
Real accounts
Nominal accounts
Personal accounts
None of the above
Sales = RM1,000
Cost of Goods Sold = RM200
Expenses = RM300
Gross Profit = ?
RM 800
RM 500
RM 700
RM 300
