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WorksheetsLEVEL 1: ACCOUNTING - I PRELIMINARY EXAMS PAPER 2020-21
Total questions: 10
Worksheet time: 8mins
Transaction is best described as:
Purchase & Sale
Receipts & Payments
Economic affairs of business
Recording of data
The following account has normally credit balance:
Sales discount
Purchases returns & allowance
Sales Supplies
Sales Equipment
Invoice means:
Detail of sale for a transaction
Detail of sale in a day
Cash receipt against sale
Credit Sale
The discount at the time of payment against purchase of merchandise on credit is called:
Trade discount
Cash discount
Sales discount
Payment discount
Schedule of Accounts Receivable contains:
Cash sales
Cash sales
Customers’ balances
Suppliers’ balances
The following account in a ledger is a result of misconception:
Motor Vehicle
Allowance for depreciation-Land
Income Summary A/c
Merchandise Inventory
Posting from special journal to subsidiary ledger is necessary:
for each record
at month’s end
at the end of calendar year
at the end of financial year
The adjustment affects expense and liability accounts is:
Prepaid Expenses
Accrued Expense
Accrued Income
Depreciation
The accounts “Notes receivable” and “Notes Payable” represents:
Customers & Suppliers
Promissory Notes
Credit Notes
Currency Notes
The most suitable book for recording payments of items like stationary, postage and food for lunch is:
Cash book
Petty cash book
General Journal
Subsidiary ledger
