NEW
Font size
WorksheetsPayables Quiz
Total questions: 10
Worksheet time: 5mins
In the general ledger account, Accounts Payable is a ______.
Fixed Asset
Current Asset
Current Liability
Capital
The balance in Accounts Payable is decreased with a _____ entry.
Debit
Credit
The expenses that have been incurred but not yet entered as accounts payable should be part of _____ entry.
Adjustment
Accrual
Reversal
Prepayment
Under the accrual method of accounting, the interest expense that is reported on the income statement is the amount of interest that was _____.
incurred
paid
unpaid
prepaid
When a company receives goods or services on credit, the amount is recorded in Accounts Payable as a _____.
debit
credit
The amount of prepaid insurance that has not expired as of the end of an accounting period should be reported as _____.
an asset
an expense
a liability
What is debit and credit from the banks point of view?
Credit what goes in
Debit what goes out
Credit what goes out
Debit what goes in
Which of the following is an acceptable petty cash practise?
Cashing a post-dated cheque for the company's treasurer
Accepting an IOU from the company's controller
Advancing funds to the company's executive vice president for a golfing outing
Reimbursing the credit manager RM150 for petrol when he presented a receipt authorised by his boss
Which of the following entries would be posted as a debit?
Decrease to an expense account
Increase to a revenue account
Increase to an expense account
Decrease to an asset account
All of the following accounts are liability accounts EXCEPT:
Salary payable
Accrual
Prepaid insurance
Provision for taxation
