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WorksheetsTOPIC 3 ACCOUNTIN CYCLE
Total questions: 13
Worksheet time: 7mins
The first step in the recording process is to
prepare financial statements.
analyze each transaction for its effect on the accounts.
post to a journal.
prepare a trial balance.
After transaction information has been recorded in the journal, it is transferred to the
trial balance.
income statement.
book of original entry.
ledger.
A debit is not the normal balance for which of the following?
Asset account
Drawings account
Expense account
Capital account
The purchase journal is
used only to record credit purchases
used only to record cash purchases
used to record all purchases
all of the above
The left side of an account is
blank.
a description of the account.
the debit side.
the balance of the account.
A trial balance is a listing of
transactions in a journal.
the chart of accounts.
general ledger accounts and balances.
the totals from the journal pages.
Issued by the seller when receive payments from the buyer.
Purchase Order
Payment Voucher
Debit Notes
Credit Notes
Receipt
Issued by the seller to the buyer in the event of a credit transaction.
Invoice
Delivery Notes
Debit Notes
Credit Notes
Purchase Order
Issued by the bank to the account holder at the end of the month.
Receipt
Payment Voucher
Cheque Stubs
Bank Slip
Bank Statement
Issued by the seller to the buyer to inform the buyer that his account has been credited in the seller’s books of accounts (reduce debt.)
Invoice
Delivery Notes
Debit Notes
Credit Notes
Purchase Order
In which special journal should the following transaction be recorded: Paid insurance annually in advance?
Cash payment journal
General journal
Cash receipt jornal
Purchase journal
A ledger is a:
Book of Accounts
Book of Journals
Book of numbers
None of these
