WorksheetsAccounting Systems
Total questions: 10
Worksheet time: 3mins
Which of the following is a source document?
Trial balance
General ledger
Sales invoice
Profit or loss report
The cash book records:
Only credit transactions
All cash and bank transactions
Only profit items
Only year-end adjustments
The ledger contains:
All accounts necessary to prepare financial statements
Only assets
Only source documents
Only expenses
Which error will not be detected during the trial balance?
Omitting a transaction
Error on the debit side
Debited but no corresponding credit
Recorded twice with unequal amounts
When balancing a ledger account, if the debit side > credit side, the balance is:
Carried down to the debit side
Carried to the SOPL
Carried down to the credit side
Ignored
Cash received from a customer for a previous credit transaction is recorded as:
Debit Accounts Receivable, Credit Cash
Debit Cash, Credit Accounts Receivable
Debit Revenue, Credit Cash
Debit Equity, Credit Cash
Cash sales revenue of 1,000 dollars is recorded as:
Debit Cash, Credit Revenue
Debit Revenue, Credit Cash
Debit Accounts Receivable, Credit Revenue
Debit Cash, Credit Sales
Which statement is correct?
Debt increases obligations
It increases assets
Debt increases assets and expenses
It increases expenses
The correct order is:
Trial balance → Source documents → Ledger
Ledger → Source documents → Financial statements → Trial balance
Source documents → Financial statements → Trial balance
Source documents → Ledger → Trial balance → Financial statements
Credit purchases are recorded as:
Debit Purchases, Credit Payables
Debit Payables, Credit Purchases
Debit Cash, Credit Purchases
