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Worksheetsaccounting
Total questions: 40
Worksheet time: 22mins
Choose the double entry for each of the following transactions:
Nasir returned defective goods to the business.
Dr Return inwards; Cr cash
Dr Account receivable-Nasir; Cr Return inwards
Dr Purchases; Cr Return inwards
Dr Return inwards; Cr Account receivable-Nasir
Choose the double entry for each of the following transactions:
Paid motor expenses by cash
Dr Cash; Cr Motor expenses
Dr Motor expenses; Cr Cash
Dr Purchases; Cr Motor expense
Dr Motor expense; Cr bank
Choose the double entry for each of the following transactions:
Sold goods on credit to Nasir
Dr Cash; Cr Sales
Dr Sales; Cr Cash
Dr Account receivable-Nasir; Cr Sales
Dr Sales; Cr Account receivable-Nasir
Choose the double entry for each of the following transactions:
Made cash sales
Dr Cash; Cr Sales
Dr Sales; Cr Cash
Dr Bank; Cr Sales
Dr Sales; CrBank
Choose the double entry for each of the following transactions:
Purchased goods on credit from G-Mart Trading
Dr Purchases; Cr Account receivable G-Mart Trading
Dr Purchases; Cr bank
Dr Purchases; Cr cash
Dr Purchases; Cr Account payable G-mart Trading
Choose the double entry for each of the following transactions:
Deposited cash into the business bank account.
Dr asset; Cr asset
Dr cash; Cr bank
Dr bank; Cr cash
Dr cash; Cr asset
Paid the wages for the month $400 by cheque. What is the double entry to record this transaction?
Debit Cheque and Credit Wages
Debit Wages and Credit Bank
Debit Wages and Credit Cheque
Debit Bank and Credit Wages
Bought goods worth $4000 on credit from Ben. What is the double entry to record this transaction?
Debit Purchases and Credit Cash
Debit Cash and Credit Purchases
Debit Ben and Credit Purchases
Debit Purchases and Credit Ben
Sold equipment by cash $700. What is the double entry to record this transaction?
Debit Cash and Credit Sales
Debit Cash and Credit Equipment
Debit Equipment and Credit Cash
Debit Sales and Credit Equipment
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
Income Statement
Statement of Owner's Equity
Balance Sheet
Statement of Cashflows
An increase to a revenue account is a ____________.
debit
credit
The normal balance for Building is a __________.
debit
credit
An asset account is increased with a _________.
debit
credit
A business is started with the injection of $10,000 in cash. In which account is the credit entry made?
Cash
Capital
The right hand side of a "T" account is called
Debit
Credit
Equipment is sold for cash
Assets increase and decrease
Assets and Liabilties Increase
Amount owed by a business
liability
asset
capital
account
Show the double entry for following transaction (include the amount)
Bought office furniture worth RM4,000 from Black Furniture Bhd, paid by cheque
Show the double entry for following transaction (include the amount)
Started a business with RM50,000 in the bank, a shop building worth RM30,000 and a secondhand van worth RM20,000.
Show the double entry for following transaction (include the amount)
Issued a cheque for RM800 to Blue Printshop for making the shops's signboard
A customer settled his account by cheque.
This shows a decrease in the (a) account
Choose a correct double entry for the following transaction:
Received a loan from Ahmad in the form of a cheque for RM20,000
Dr Cash
Cr Trade Payable
Dr Bank
Cr Loan - Ahmad
Dr Bank
Cr Ahmad
Dr Cash
Cr Loan - Ahmad
Purchased a delivery van for RM5,000 on credit from Beringin Berhad.
What account should be debited?
(a)
Paid salary of RM150 by cash
What account should be credited?
(a)
For a cash purchase of goods from Setia Trading, what account should be debited?
(a)
A debit is used to record an/a
decrease in asset
decrease in liability
decrease in expense
increase in income
Who are the stakeholders of a business?
Employees and managers
Existing and potential investors, lenders, and creditors
What are non-current liabilities?
Immediate obligations to be settled within a year
Obligations not expected to be settled within a year
Obligations expected to be settled within a year
Potential obligations depending on uncertain events
What does it mean to buy something on credit?
Agreeing to pay immediately
Agreeing to pay with a discount
Agreeing to pay later
Agreeing to pay in installments
What is the definition of liabilities in accounting?
Probable future gains from present obligations
Possible future sacrifices of economic benefits
Probable future sacrifices of economic benefits
Certain future obligations of economic benefits
What is the accounting equation?
Assets = Liabilities + Equity
Assets - Liabilities = Equity
Assets + Liabilities = Equity
Assets = Liabilities - Equity
What does equity represent?
The net expenses of a business
The net profits of a business
The net liabilities of a business
The net assets of a business
Which term is used to describe assets minus liabilities?
Retained Earnings
Net Assets
Withdrawals
Capital Contributions
What is equity in accounting?
The value of a business's assets after deducting its liabilities
The value of a business's liabilities minus its assets
The value of a business's liabilities after deducting its assets
The value of a business's assets plus its liabilities
What is the purpose of a balance sheet?
To calculate the profit generated by a business
To list out all the different types of assets a business owns or controls
To determine the value of a business
To record the expenses incurred by a business
What is an example of a tangible asset?
Intellectual property
Patents
Royalty rights
Machinery
Which of the following is a current asset?
Machinery
Accounts receivable
Buildings
Land
What are assets?
Items that have no value
Probable future economic benefits obtained or controlled by a particular entity as the result of past transactions or events
Items that are not useful
Probable future economic benefits that cannot be controlled
