WorksheetsQUIZ CHAPTER 1 - 4
Total questions: 30
Worksheet time: 18mins
Which of the following equations properly represents a derivation of the fundamental accounting equation?
Assets = Liabilities + Equity
Assets = Liabilities – Equity
Liabilities = Assets + Equity
Equity = Assets + Liabilities
The main purpose of statement of comprehensive income is to determine__________.
the cost of sales
the net profit or net loss
the amount of revenue and expenses
the amount of accrued revenue and expenses
Carriage inwards is charged to the statement of comprehensive income because__________
it is a revenue
it is not part of the transportation cost
it is an expense connected with the sale of goods
it is an expense connected with the purchase of goods
Which of the following would be included in Statement of Financial Position?
Sales
Revenue
Expenses
Non- Current Liabilities
Which of the following correctly states the liability of the company’s business?
Limited Liability
Current Liability
Unlimited Liability
Non-Current Liability
Which of the following is capital expenditure?
Repair Expenses
Electricity Expenses
Depreciation of machinery
Cost of extension to building
In a double entry system, a debit is used to record:
Decrease in asset, and increase in capital, revenue and expense.
Increase in asset and expense, and decrease in liability, revenue and capital.
Increase in asset and revenue, and decrease in liability, expense and capital.
Decrease in asset and capital, and decrease in liability, revenue, and expense.
Which of the following would be included in the Statement of Comprehensive Income?
Asset
Liabilities
Capital
Revenues
Which o the following best describes a trial balance?
It is a special account
It is a list of balances on the books
It shows all the entries in the books
It shows the financial position of a business
Adjusting entries at the end of an accounting period are often needed because__________
management cannot decide what they want to report
thereare always errors made in recording transactions
many transactions affect more than one accounting period
there are never enough accounts to record all the transactions.
Which of these items would be accounted for as an expense?
Rent received
Discount allowed
Discount received
Commission received
Bookkeeping mainly involves_________ .
Recording
Identifying
Interpreting
Measurement
Which of the following statements about users of accounting information is correct?
Management is considered as external users.
Present creditors are considered as internal users
Taxing authorities are considered as external users
Regulatory authorities are considered as internal users
The purpose of __________ is a deduction allowed by the seller of the goods in order to motivate the customer to pay within a specified time.
cash discount
trade discount
carriage inwards
carriage outwards
If we take goods for own use we should__________ .
Debit sales account, Credit inventory account
Debit drawings account, Credit inventory account
Debit drawings account, Credit purchases account
Debit purchases account, Credit drawings account
A list of assets, liabilities and owner’s equity of a business entity as of a specific date is known as a statement of __________.
cash flows
profit or loss
financial position
changes in equity
If the total assets of a business is RM100,000 and the total owner’s equity is RM20,000. What is the value of total liability?
RM100,000
RM80,000
RM120,000
RM20,000
Arielle bought furniture on credit from Chanel. Identify the account to be debited and the account to be credited.
Debit Furniture a/c ; Credit Cash a/c
Debit Purchase a/c ; Credit Arielle a/c
Debit Furniture a/c ; Credit Chanel a/c
Debit Arielle a/c ; Credit Purchase a/c
What will be the journal entry for cash received from Deanna on the services provided by the business?
Dr Cash a/c
Cr Revenue a/c
Dr. Cash a/c
Cr. Deanna a/c
Dr. Deanna a/c
Cr. Revenue a/c
Dr. Bank a/c
Cr. Revenue a/c
In the double entry rules, al decreases in assets, expenses, and drawings are recorded in ______________ .
Debit (left) side of the account
Debit (left) side of the account
Debit (left) side of the account
Debit (left) side of the account
State the double-entry for the following transaction:
Bought machinery on credit from Mariam
Purchases account, Machinery account
Purchases account, Mariam account
Machinery account, Mariam account
Machinery account, Cash account
State the effect of the following transaction on accounting equation:
Paid Amira by cheque.
decrease asset, decrease liability
increase asset, decrease liability
decrease asset, increase liability
increase asset, increase liability
Which of the following is an income?
Advertising
Motor Van
Wages
Discount Received
Assets = RM40 000, Equity = RM23 000. Find out liability.
RM63 000
RM23 000
RM40 000
RM17 000
Return goods worth RM500 to Sy. Amin. Return goods here is _________
Return inward
Return backward
Return outward
Return upward
State the effect on the asset:
Purchased equipment RM3000 from Syarikat Bridgelink
decrease RM3000
decrease RM6000
increase RM3000
no effect
Irisa provided the following information. Calculate the amount of equity (capital) at the of financial period.
RM34 800
RM44 800
RM36 200
RM46 200
State the double entry: Paid cash into bank.
Debit : Cash
Credit : Bank
Debit: Bank
Credit: Drawings
Debit: Bank
Credit: Cash
Debit: Drawings
Credit: Bank
Ahmad bought goods by cash. Name the 2 accounts involve
Goods and Ahmad
Purchases and Cash
Goods and Cash
Purchases and Ahmad
Which of the following equation is properly represents a derivation of the fundamental accounting equation?
Asset = Liabilities + Equity
Asset = Liabilities - Equity
Liabilities = Asset + Equity
Equity = Asset + Liabilities
