WorksheetsMCQ O
Total questions: 7
Worksheet time: 7mins
Which actions does not reduce the owner's capital?
business expenses paid using a personal cheque
cash withdrawn from the business bank account for personal use
goods taken from inventory for personal use
personal expenses paid using business cash
Which statement correctly describes the accounting equation?
capital= assets-liabilities
capital= assets + liabilities
capital= current assets - current liabilities
capital= current assets - current liabilties
What could a credit balance on a ledger account represent?
accrued income
asset
expense
prepaid income
Aiden purchased goods from Jai and paid for them by bank transfer when he received a statement of account. Jai says he has not received the payment?
Which document would help Aiden check that he had made the payment?
bank statement
cheque counterfoil
paying in slip
petty cash voucher
At the end of the month, how is the total from the sales journal recorded in the ledger?
credited to the customer's personal accounts
credited to the sales account
debited to the customers' personal accounts
debited to the sales account
A customer paid $15 600 to a supplier after receiving a 2 ½% cash discount and a trade discount of 20%.
What was the amount of the invoice entered in the purchases journal?
$12 480
$15 600
$16 000
$20 000
The balance of cash at bank shown in the cash book is $1 200. The bank statement at the same date shows the balance to be $1440.
What could explain the difference?
payment to supplier, $120, entered on the wrong side of the cash book
bank charges, $240, not in the cash book
cheques to suppliers, $240, not yet presented to the bank
receipts from customers, $240, banked but not yet entered in the bank statement
