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Total questions: 15
Worksheet time: 9mins
1. The amount brought in by owner of the business should be credited to which account?
Drawings
Capital
Cash
Purchases
2. How much types a transaction has?
One
Two
Three
Four
3.Transactions are initially recorded in the?
Ledger
Book of prime entry
Income Statement
Documents
4. Of the following account types, which would be increased by a debit?
Assets and Drawings
Liabilities and Income
Assets and Expenses
Income and Expenses
5. Sales made to Ahmad on credit should be debited to?
Sales
Accounts Payable:Ahmad
Accounts Receivable:Ahmad
Cash
6. The abbreviations for debit and credit (Dr. and Cr.) come from what language words?
(a) Latin, debere and credere
(b) Latin, debtor and creditor
(c) Greek, debere and credere
(d) Greek, debtor and creditor
7. Which one of the following is called book of original entry?
General Journal
General Ledger
Trial Balance
Cash Book
8. Commission received is an example of?
Real account
Nominal account
Profit and Loss account
Personal account
9. Which discounts are shown as a deduction in invoice?
Cash Discounts
Trade Discounts
Discounts Allowed
Discounts Received
10. What is the purpose of giving cash discounts?
To encourage bulk purchases
To encourage prompt payment
To reduce price of products
11. The explanation or detail which is written under each journal entry to explain the transaction is known as ?
Explanation
Summary
Narration
Short sentence
12. (a) is the process of transferring journal entries to ledger accounts.
13. Which account will increases if you received an invoice from a company?
Sales Account
Purchases Account
Cash Account
Bank Account
14. Issued a credit note to Mei Mei when _____ occurs.
Returns Outwards
Returns Inwards
Purchase goods
Sold goods
15. Which subject you love the most?
(a)
