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WorksheetsGR9 - ACCOUNTING REVISION
Total questions: 20
Worksheet time: 10mins
Where will drawings increase?
Debit
Credit
The double entry principle is?
For every expense there is an income
For every debit there is a credit
For every receipt their is a payment
All of them
Which of the list below is a liability?
Loan
Sales
Rent income
Cost of sales
The right hand side of the general ledger account it know as?
The debit side
The credit side
Which item is not regarded as an asset?
Vehicles
Trading stock
Stationery
Bank
The left side of the general ledger is known as?
Debit
Credit
The advantage to the business for selling goods on credit is that
more debtors buy on credit
more creditors buy with cash.
Few debtors buy on credit
all of the above.
The debtor returned damaged goods.
(a)
Increases on the credit side and decreases on the debit side
(a)
When you receive a trade discount, the price that you pay is less than the original selling price.
True
False
Cost of Sales is an …, it is money that the business pays when purchasing Trading Stock.
(a)
A cheque is the source document that is issued to pay for expenses.
True
False
Rent expense is an/a
Expense
Asset
Income
Liability
Interest on loan is an/a
Expense
Asset
Income
Liability
Insurance is an/a
Expense
Asset
Income
Liability
Advertising is an/a
Expense
Asset
Income
Liability
Water and electricity account is an/a
Expense
Asset
Income
Liability
Telephone account is an/a
Expense
Asset
Income
Liability
Wages is an/a
Expense
Asset
Income
Liability
Stationery is an/a
Expense
Asset
Income
Liability
