WorksheetsAccountancy
Total questions: 15
Worksheet time: 6mins
Which of the following account with normal balance is shown at the debit side of a trial balance?
Creditors Account
Sales A/c
Rent Income Account
Cash Account
In trial Balance, which account with normal balance is recorded in the credit side?
Bank Account
Equipment Account
Cash Account
Accrued Expenses Account
What does a credit balance in the cash account on the trial balance indicate?
Cash is Overdrawn
Cash is a liability
Cash is an asset
Cash is an expense
If the trial balance does not balance, what could be the potential error?
All debit entries were posted as credit
All transactions were recorded accurately
Only revenue accounts were included
Entry was omitted in both journal and ledger
Which of the following account with a normal balance is shown at the credit side of a trial balance?
Bank
Equipment
Cash
Unpaid Expenses
X sold goods of Rs. 100 at a trade discount of 20% and received 50% cash, giving 10% cash discount, how much cash will he earn?
36
72
80
40
The salary paid to a clerk Ramesh should be credited to?
Salary A/C
Ramesh A/C
Cash A/C
P/L A/C
A journal entry in which two or more accounts are debited or credited, are known as?
Double Entry
Multi Entry
Additional Entry
Compound Entry
An account is having debit balance is established when
The last entry of the accounting period was posted on the debit side
The amount of debit exceeds the amount on credit
There are more entries on the debit side than on the credit side
None of the Above
Which of the following accounts would typically appear on the debit side of a trial balance?
Prepaid Rent
Service Revenue
Accounts Payable
Loan
Which of the following is the primary purpose of a ledger in accounting?
To record financial transactions in chronological order
To prepare financial statements
To provide a summary of all accounts with their balances
To record cash transactions only
When recording the receipt of cash from a customer who had previously purchased goods on credit, which accounts are affected in the ledger?
Debit: Accounts Receivable, Credit: Sales
Debit: Cash, Credit: Accounts Receivable
Debit: Sales, Credit: Cash
Debit: Cash, Credit: Revenue
Mohan, from whom an amount of Rs. 12,000 was to be received became insolvent and 60 paise per rupee was received from his estate, What will be the amount debited to Cash A/c?
6000
12000
7200
8000
Goods taken by Proprietor for personal use are credited to:
Purchases
Drawings
Sales
None of the above
Mr. X purchased goods worth Rs. 800,000 availing 10% trade discount, the seller had promised to give him a 15% if he pays the whole amount within 14 days, on the 7th day he pays 50% of the amount by cheque? By what amount will Mr. X's Bank A/c be Credited?
306000
360000
720000
800000
