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WorksheetsLecture 3 ACC1014
Total questions: 11
Worksheet time: 9mins
Which type of accounting entry will have the following effects:
a) Increase in assets
b) Decrease in liability
c) Increase in expense
d) Increase in drawings
Debit entry
Credit Entry
Which of the following are potential effects of a credit entry?
Decrease in Liability
Decrease in Asset
Increase in Liability
Increase in Asset
Which of the following is considered as an asset?
Share Capital
Bank Loan
Accounts Payables
Accounts Receivables
A sole trader took some goods costing $800 from inventory for their own use.
Which of the following journal entries would correctly record this?
Dr Inventory account 800
Cr Purchases account 800
Dr Drawings account 800
Cr Inventory account 800
Dr Sales account 1600
Cr Drawings 1600
Dr Drawings account 800
Cr Sales account 800
Which of the following accounts should be included in the Statement of Financial Position?
Wages Expense
Sales Revenue
Cash
Government Taxes
In a Trial Balance, it is normal for total debits to not be equal to total credits?
True
False
In double entry bookkepping, for every debit there must be an equal but opposite credit.
True
False
What is the function of the sales journal?
To record cash sales related transactions
To record credit purchases related transactions
To record all sales related transactions
To record credit sales related transactions
It is perfectly normal if the balance for the a/c receivables subsidiary ledger is not equal with balance of the a/c receivables control account. No reconciliation is needed if there is a difference.
True
False
Schedule of Accounts Payable
-------------------------------------
Mary Co RM100,000
Alice Co RM200,000
Crystal Co RM250,000
What should be the sum of the a/c payable control account if there is no error between the a/c payable control account and subsidiary ledger.
RM250,000
RM300,000
RM450,000
RM550,000
What is the purpose of control accounts?
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