Font size
WorksheetsACCOUNTING 2
Total questions: 64
Worksheet time: 2hrs 8mins
In charts of accounts, we can give: KLO 1.1.5
a) 2 different accounts the same account number
b) Each account a number which cannot be given to another account
c) Each account a number which can be given to 3 accounts
d) Each account a number which can be given to 4 accounts
What are assets? KLO 3.3.1
a) Resources owned by a company
b) Amounts owed to others
c) Net worth of a company
d) Amounts paid to owners
The chart of accounts is a: KLO 1.1.5
a) List of checks and check numbers
b) List of Customers and customer numbers
c) List of inventory items and item numbers
d) List of accounts and account numbers
What is it called that has all accounts used by a business to record its financial transactions? KLO 1.1.5
a) Income Summary
b) Book of accounts
c) Chart of accounts
d) Permanent accounts
The payment of rent for this month causes a decrease in cash and which of the following? KLO: 3.3.4
a) A credit to Rent Expense
b) A decrease in Rent Expense
c) An increase in bank
d) An increase in Rent Expense
A purchase of office supplies results in recording a decrease in cash and which of the following? KLO: 3.3.4
a) An increase in Office Supplies
b) An increase in bank
c) A debit to Office Supplies
d) No other impact
Recording of financial transactions by an individual is known as: KLO: 3.3.2
a) Summarizing
b) Book-keeping
c) Classification
d) Interpreting
Recording of financial transactions by an individual is known as: KLO: 3.3.2
a) Summarizing
b) Book-keeping
c) Classification
d) Interpreting
A debtor is someone who: KLO: 3.3.1
a) You owe money to
b) Owes you money
c) Paid you cash for purchases
d) You paid cash to for purchases
A creditor is someone who: KLO: 3.3.1
a) You owe money to
b) Owes you money
c) Paid you cash for purchases
d) You paid cash to for purchases
Cash is a: KLO: 3.3.1
a) Current liability
b) Long-term liability
c) Current asset
d) Fixed asset
Which journal records wages’ expense paid by Cash? KLO:3.3.2
a) Debit Wages ’expense, Credit :Cash
b) Debit :Cash ,Credit: Wages’ Expense
c) Debit: Wages’ Expense ,Credit: Accounts Receivable
d) Debit: Account Receivable , Credit: Wages’ Expense
Key to preparing a trial balance is making sure that all the account balances are listed under the correct column. The appropriate columns are as follows: KLO: 7.7.1
a) Debit : Assets & Expenses / Credit: Liability – Equity and Revenue
b) Debit: Assets & Liability / Credit: Expenses – Equity and Revenue
c) Debit: Liability – Equity and Revenue / Credit: Assets & Expenses
d) Debit: Expenses & Liability / Credit: Assets – Equity and Revenue
Accounts Receivable & Inventory are the examples of: KLO 3.3.3
a) Liquid assets
b) Current assets
c) Fixed assets
d) Capital assets
A ledger is a (p. 94)
group of accounts
form to enter transactions in chronological order
business paper from which information is obtained for an entry
a document used to record sales
Transferring information from a journal entry to a ledger account (p. 98)
journaling
posting
file maintenance
correcting entry
Which accounts are balanced at the end of the reporting period?
Revenue and Expenses
Assets, Liabilities and Owner's equity
Drawings is classified as...
Owner's Equity
Negative Owner's Equity
Asset
Equity
Sales returns is classified as a
Revenue
Expense
Negative Revenue
Negative Expense
T-account is also known as ___________________ account.
journal
ledger
statement
worksheet
Resources that are owned by a business is called ________________.
Assets
Liabilities
Equity
Income
Expenses
On which side do you enter a debit entry?
Right
Left
Which of the following are considered as expenses?
Purchase of furniture
Purchase of goods
Discounts allowed
Paid wages and salaries
Which of the following are considered as assets?
Accounts Receivable
Accounts Payable
Office Equipment
Capital
What is the entry for Sales account if a sale transaction occurs?
Dr
Cr
What is the entry for Bank account if a purchase transaction occurs?
Dr
Cr
What is the entry for Account Receivable if a sales return transaction occurs?
Dr
Cr
What is the entry for Account Receivable if a customer paid for his account?
Dr
Cr
What is the entry for Account Payable if you bought goods from supplier?
Dr
Cr
What is the entry for Account Payable if any balance brought down occurs?
Dr
Cr
Brought furniture into the business.
Dr Furniture
Cr Capital
Dr Capital
Cr Furniture
Dr Furniture
Cr Bank
Dr Bank
Cr Furniture
Purchase of computer by cheque.
Dr Purchases
Cr Bank
Dr Bank
Cr Purchases
Dr Office Equipment
Cr Bank
Dr Bank
Cr Office Equipment
Paid insurance by cash.
Dr Insurance
Cr Cash
Dr Cash
Cr Insurance
Dr Expenses
Cr Cash
Dr Cash
Cr Expenses
Received a bank loan.
Dr Liabilities
Cr Bank
Dr Bank
Cr Liabilities
Dr Loan
Cr Bank
Dr Bank
Cr Loan
Repaid a bank loan.
Dr Bank
Cr Loan
Dr Loan
Cr Bank
Dr Bank
Cr Liabilities
Dr Liabilities
Cr Bank
Returned goods to supplier, Yeoh.
Dr Account Receivable - Yeoh
Cr Returns Inwards
Dr Returns Inwards
Cr Account Receivable - Yeoh
Dr Account Payable - Yeoh
Cr Returns Outwards
Dr Returns Outwards
Cr Account Payable - Yeoh
Drew out goods from the business for family use.
Dr Capital
Cr Purchases
Dr Drawings
Cr Purchases
Dr Purchases
Cr Capital
Dr Purchases
Cr Drawings
How do you record balance brought down in T-account?
Balance b/d
Balance c/d
General ledger final balance for this picture is
9400
21400
33400
53000
Capital Balance in this General ledger is
9000
9100
8900
None of the answer
Ahmed Company sold goods BD8,100 for cash. This transaction posted to general ledger in the debit side of account receivable.
True
False
IF the company has a cash balance BD12,000, and invested equipment for BD3,000. The new cash balance is BD15,000
True
False
If supplies decreased by BD100 the final balance will be BD5400
True
False
When the account item has CR. normal balance, and journal shows that it is in the DR. side .
To calculate the balance in general ledger we have to deduct CR. minus DR.
True
False
This schedule is called general ledger
True
False
Expenses recorded in debit side.
∆
∇
Expenses recorded in debit side.
∆
∇
Liabilities recorded in debit side.
∆
∇
Equities recorded in credit side.
∆
∇
Assets recorded in credit side.
∆
∇
Income recorded in credit side.
∆
∇
Insurance expenses occurred.
Dr Insurance Expenses
Cr Insurance Expenses
Brought in cash into the business bank.
Dr Cash
Cr Cash
Bought laptop for business use.
Dr Office Equipment
Cr Office Equipment
Sold goods on credit to Yeoh.
Dr Sales
Cr Sales
Purchased goods on credit from Zoe.
Dr Purchases
Cr Purchases
Returns goods to Zoe.
Dr Account Payable - Zoe
Cr Account Payable - Zoe
Received cheque from Yeoh.
Dr Account Receivable - Yeoh
Cr Account Receivable - Yeoh
Withdrew goods for personal use.
Dr Drawings
Cr Drawings
Received loan from HL Bank.
Dr Bank Loan
Cr Bank Loan
Payment of cash to Zoe.
Dr Bank
Cr Accounts Payable - Zoe
Dr Bank
Cr Accounts Receivable - Zoe
Dr Accounts Payable - Zoe
Cr Bank
Dr Accounts Receivable - Zoe
Cr Bank
Received cash of RM200 by goods sold.
Dr Cash
Cr Sales
Dr Cash
Cr Goods
Dr Sales
Cr Cash
Dr Goods
Cr Cash
Bought keyboard RM 85 by cheque.
Dr Purchases
Cr Bank
Dr Office Equipment
Cr Bank
Dr Bank
Cr Purchases
Dr Bank
Cr Office Equipment
Repaid loan installment RM 400 by cheque.
Dr Bank
Cr Loan
Dr Bank
Cr Repayment
Dr Loan
Cr Bank
Dr Repayment
Cr Bank
