WorksheetsAccounting Quiz
Total questions: 25
Worksheet time: 13mins
The MAIN internal users of accounting information are
Managers
Competitors
Local communities
Government agencies
From the information given, Mr. Jones’ capital amount is:
Cash at bank 800 Unpaid Electricity 350 Inventory 400
Payables 600 Receivables 125 Cash in hand 380
500
$405
$850
$450
$755
Which of the following items are examples of current liabilities?
capital
Accrued wages
Receivables
Mortgages
Which of these are books of Original Entry?
Ledger
Debit note
Capital Account
Cash Book
When a proprietor withdraws cash or other assets from a business for his personal use, he is violating the _______ concept
Going concern
Consistency
Separate entity
prudence
Jay is part owner of a business which also has two additional owners. What type of business is it?
Cooperative society
Partnership
Sole trader
Limited company
What is a current asset of a sports goods shop?
Stock of footballs
Bank overdraft
Fixtures and fittings
Shop premises
What is the purpose of book-keeping?
To record all the financial transactions of the business on a daily basis
To prepare financial statements at regular intervals
To summarise the financial position of the business
To interpret the double entry records
What is the purpose of a trial balance?
To check the arithmetical accuracy of the ledger accounts
To prepare financial statements at regular intervals
To record all the financial transactions of the business on a daily basis
To summarise the financial position of the business
Which of the following is an example of a fixed asset?
Stock of footballs
Bank overdraft
Fixtures and fittings
Shop premises
What is the purpose of a cash book?
To check the arithmetical accuracy of the ledger accounts
To record all the financial transactions of the business on a daily basis
To summarise the financial position of the business
To interpret the double entry records
What will be included in personal accounts?
land
accounts of Receivables (Debtors)
rent expense
sales
Mia provides this information at the end of the financial year. Gross profit $25850 discount received $150 Net profit $ 9880. What were her expenses for that period?
20800
16120
16270
16420
Real accounts will include
capital
creditors
motor vans
debtors
Which of the following are nominal accounts?
Stock and Debtors
Wages and Rent
Machinery and Plant
Creditors and Fixtures
A cheque paid by Sophia, but not yet passed through the banking system, is:
A credit transfer
A standing order
An Unpresented cheque.
A dishonoured cheque
It is the end of Lily’s financial year.
She had total assets of $ 15 000 and capital of
$3 600. How much were liabilities?
$11400
B. $3 600
C. $5 000
D. $8 600
What is the purpose of a balance sheet?
To check the arithmetical accuracy of the ledger accounts
To record all the financial transactions of the business on a daily basis
To summarise the financial position of the business
To interpret the double entry records
What is the purpose of a profit and loss statement?
To check the arithmetical accuracy of the ledger accounts
To record all the financial transactions of the business on a daily basis
To summarise the financial position of the business
To show the financial performance of the business over a specific period of time
Oliver, Samuel, and Liam are running a small business. Which of the following list of accounts will typically be posted on the debit side of the Trial Balance?
Purchases, Opening Inventory, Drawings
Cash, Capital, Accounts Payable
Sales, Purchases, Bank
Fixtures, Cash, Capital
What will the ledger account show?
John paid for fixtures by cheque
Debit John
Credit Fixtures
Dr. Fixtures
Cr. Bank
Cr. Fixtures
Dr. Bank
Cr john
Dr fixtures
What effect will the change have on Assets or Liabilities
Grace bought a computer from Best Buy on credit
+ Assets
+ Liability
+ Assets
- Liability
- Assets
+ Liability
- Assets
- Liability
M. Sangster paid us $200 in cash
+ Assets
+ Liability
- Assets
+ Assets
+ Assets
- Liability
+ Liability
+ Liability
An increase in the company's cash balance is a ________ entry
A decrease in the company's cash balance is a ________ entry
credit
debit
credit
debit
debit (+)
credit (-)
debit( t)
credit(-)
An increase in a company's liabilities is a _______ entry
A decrease in a company's liabilities is a _______ entry
debit
credit
credit
debit
debit
debit
credit
credit
