NEW
Font size
WorksheetsFA - Book Keeping
Total questions: 50
Worksheet time: 1hrs 15mins
Mr. X withdrawn goods from personal use Rs.10,000 is credited to .........................
Drawing A/c
Purchase A/c
Sales A/c
Goods A/c
Mr. Y sold goods to Raj Costing Rs.10,000 at a profit of @20% on selling price. According to Accounting equation Profit on sales is :
Added in Rs.2400 in Assets
Added in Rs.2000 in capital
Added in Rs.2500 in capital
Added in Rs.2000 in Assets
Samir who trades in electronic goods,gifted a television to his daughter.Will it be recorded in the books of accounts.
Yes
No
"The owner invested cash BD100 in the business" Cr. side for this transaction is
Capital
Revenue
Drawings
Non of the answers
"Performed service BD60, and received BD20". Dr side of this transaction in journal entries is
Dr. Cash 20 and Dr. Account Receivable 40
Dr. Account Receivable 40 only
Dr. Account payable 40
Dr. Cash only
"Company purchased equipment for BD3000 cash" what is the Dr side for this transaction?
Equipment
Cash
Capital
Asset
"The Company paid cash BD20 to creditor". It recorded in the general journal
Dr. Account payable 20 , Cr. Cash 20
Dr. Cash 20, Cr. Account payable 20
Dr. Account Receivable 20, Cr. Cash 20
Dr. Cash 20, Cr. Account receivable 20
"Company received cash BD4,000 from customer, which was on account ". It recorded in the general journal
Dr. Cash 4000, Cr. Account Receivable 4000
Dr. Account Receivable 4000, Cr. Cash 4000
Dr. Account payable 4000, Cr. Cash 4000
None
Normal Balance of Prepaid Insurance is
Dr. & Cr.
Cr. side
Dr. side
None of the answers
Decrease in account receivable
Account receivable will be recorded in ........... of the journal entry
Cr. side
Dr. side
Dr. & Cr.
None of the answers
Salaries due to the clerks i.e salaries outstanding Rs.50,000. The account to be credited is
Salaries A/c
Salaries outstanding A/c
Cash A/c
Clerks A/c
Paid Rs.2,500 for repairing the office furniture. The entry to be debited is
Repairs A/c
Furniture A/c
Wages A/c
Expenses A/c
Cr Capital
Cr Office eqmt
Cr Capital
Cr Cash at bank
Cr Cash in hand
Cr Cash at bank
Cr Cheque
Cr Rent expense
Cr Interest income
Cr Interest income
Cr Interest expense
Cr Cash at bank
The owner invests personal cash in business. will not affect which account
Asset (I)
Liabilties (I)
Equity (NE)
The owner withdraws business assets for personal use.
this will not affect which account
Assets (I)
Liabilities (D)
Equity (D)
Accounting equation can be written as
Assets- liability= Capital
Assets+ liability= Capital
Assets= liability- Capital
Assets= Capital
The company receives cash from a bank loan , this will not affect which account
Assets (I)
Liabilities (D)
Equity (D)
The company repays the bank that had lent money, this will not affect which account
Assets (I)
Liabilities (D)
Equity (D)
The company purchases land by paying half in cash and signing a note ,this will not affect which account
Assets (NE)
Liabilities (I)
Equity (I)
The company repays the suppliers, this will not affect which account
Assets (D)
Liabilities (I)
Equity (D)
Which of the following documents should accompany a return of goods to a supplier?
Debit note
Remittance advice
Purchase invoice
Credit note
Which of the following are books of prime entry?
1 Sales day book
2 Cash book
3 Journal
4 Purchase ledger
1 and 2 only
1, 2 and 3 only
1 only
All of them
In which book of prime entry will a business record debit notes in respect of goods which have been sent back to suppliers?
The sales returns day book
The cash book
The purchase returns day book
The purchase day book
Which of the following would be recorded in the sales day book?
Discounts allowed
Sales invoices
Credit notes received
Trade discounts
Smith Co has the following transactions:
1. Purchase of goods on credit from T Rader: $450
2. Return of goods purchased on credit last month to T Rouble: $700 What are the correct ledger entries to record these transactions?
Dr Purchases $450
Dr Purchase Returns $700
Cr Cash $450
Cr Trade Payables $700
Dr Purchases $450
Dr Trade Payables $700
Cr Purchase Returns $1150
Dr Purchases $450
Dr Trade Payables $250
Cr Purchase Returns $700
Dr Purchases $450
Dr Purchase Returns $700
Cr Trade Payables $1150
Water bill (CR)
Cash (CR)
Cash (CR)
Supplies (CR)
Cash (CR)
Accounts Payable(CR)
Credit balance of $100. Credit entry of $100. what's the balance
0
credit of 100
credit of 200
Are the following statements about debit entries true or false?
1 A debit entry in the cash book will increase an overdraft in the accounts.
2 A debit entry in the cash book will increase a bank balance in the accounts.
Both true
Both false
1 true and 2 false
1 false and 2 true
A business sells $100 worth of goods to a customer, the customer pays $50 in cash immediately and will pay the remaining $50 in 30 days' time.
What is the double entry to record the purchase in the customer’s accounting records?
Debit cash $50, credit payables $50, credit purchases $50
Debit payables $50, debit cash $50, credit purchases $100
Debit purchases $100, credit payables $50, credit cash $50
Debit purchases $100, credit cash $100
Tin Co purchases $250 worth of metal from Steel Co. Tin Co agrees to pay Steel Co in 60 days time.
What is the double entry to record the purchase in Steel Co’s books?
Debit sales $250, credit receivables $250
Debit purchases $250, credit payables $250
Debit receivables $250, credit sales $250
Debit payables $250, credit purchases $250
How is the total of the purchases day book posted to the nominal ledger?
Debit purchases, Credit cash
Debit payables control, Credit purchases
Debit cash, Credit purchases
Debit purchases, Credit payables control
Which one of the following statements about an imprest system of petty cash is correct?
An imprest system for petty cash controls small cash expenditures because a fixed amount is paid into petty cash at the beginning of each period.
The imprest system provides a control over petty cash spending because the amount of cash held in petty cash at any time must be equal to the value of the petty cash vouchers for the period.
An imprest system for petty cash can operate without the need for petty cash vouchers or receipts for spending.
An imprest system for petty cash helps with management of small cash expenditures and reduces the risk of fraud.
Which one of the following provides evidence that an item of expenditure on petty cash has been approved or authorised?
Petty cash voucher
Record of the transaction in the petty cash book
Receipt for the expense
Transfer of cash from the bank account into petty cash
Identify, by indicating the relevant box in the table below, whether each of the following statements is true or false.
1. A debit records an increase in liabilities.
2. A debit records a decrease in assets.
3. True False A credit records an increase in liabilities.
4. A credit records an decrease in capital
False, True, False, False
False, False, True, False
False, False, False, False,
False, False, False, True
Which of the following would be recorded in the sales day book?
Cash received
Sales invoices
Trade discounts
Trade discounts
What was the balance for trade payables in the trial balance at 1 October 20X0?
$14,000 DEBIT
$14,000 CREDIT
$11,900 DEBIT
$11,900 CREDIT
What opening balance should be included in the following period's trial balance for motor vehicles – cost at 1 July 20X6?
$271,450 DEBIT
$271,450 DEBIT
$186,450 CREDIT
$186,450 DEBIT
Identify, by indicating the relevant box in the table below, whether each of the statements is true or false.
1. A debit entry in the cash book will increase an overdraft in the accounts.
2. A debit entry in the cash book will increase a bank balance in the accounts.
True, True
True, False
False, True
False, False
Assuming there are no other entries to be made, other than to balance off the account, what is the closing balance on the trade payables account?
$474,485 DEBIT
$575,235 DEBIT
$474,485 CREDIT
$575,235 CREDIT
Which of the following statements is/are TRUE or FALSE?
1. Cash purchases are recorded in the purchases day book.
2. The sales day books is used to keep a list of invoices received from suppliers.
Both statements are TRUE
Both statements are FALSE
Statement 1 is TRUE and statement 2 is FALSE
Statement 1 is FALSE and statement 2 is TRUE
Which ONE of the following statements does NOT describe a way in which an effective accounting system facilitates the provision of useful accounting information?
By requiring authorisation in line with organisational policies
By processing and recording transactions in accordance with accounting rules
By preventing transactions from being processed inaccurately
By enabling transactions to be recorded as necessary to permit preparation of financial statements
At 30 November 20X5 Jenny had a bank loan of $8,500 and a balance of $678 in hand in her bank account.
How should these amounts be recorded on Jenny's opening trial balance at 1 December 20X5?
DEBIT $7,822
CREDIT $7,822
CREDIT $8,500 and DEBIT $678
DEBIT $8,500 and CREDIT $678
A trial balance is made up of a list of debit balances and credit balances. Which of the following statements is correct?
Every debit balance represents an expense.
Assets are represented by debit balances.
Liabilities are represented by debit balances.
Income is included in the list of debit balances.
A business sells $100 worth of goods to a customer, the customer pays $50 in cash immediately and will pay the remaining $50 in 30 days' time.
What is the double entry to record the purchase in the customer's accounting records?
DEBIT cash $50, CREDIT payables $50, CREDIT purchases $50
DEBIT payables $50, DEBIT cash $50, CREDIT purchases $100
DEBIT purchases $100, CREDIT payables $50, CREDIT cash $50
DEBIT purchases $100, CREDIT cash $100
You are given the following information: Receivables at 1 January 20X3 $10,000 Receivables at 31 December 20X3 $9,000 Total receipts during 20X3 (including cash sales of $5,000) $85,000.
What are sales on credit during 20X3?
$81,000
$86,000
$79,000
$84,000
