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accounting review

Total questions: 58

Worksheet time: 30mins

Name
Class
Date
1.

Sold goods listed at $2,000 to customer

a)

Purchase Journal

b)

Sales Journal

c)

Sales returns Journal

d)

Purchase returns Journal

2.
Goods that a business purchases to sell are called
a)
Merchandise
b)
Wholesale
c)
Retail
d)
Stuff
3.

What is the purpose of recording purchases in a purchases journal?

a)

To calculate annual revenue

b)

To monitor customer complaints

c)

To track employee attendance

d)

To keep a detailed record of all purchases made by a business.

4.

Sales Return Journal is used to record

a)

Cash transactions

b)

Payment to creditors

c)

Return of goods by customer

d)

Return of goods to supplier

5.

A receipt is used as a source document for

a)

Credit sales

b)

Credit purchases

c)

Payment of cash

d)

Return of goods to supplier

6.

Sell assets on credit

a)

Sales Journal

b)

Purchases Journal

c)

Cash Book

d)

General Journal

7.

The return of the damaged book by the customer

a)

Sales Return Journal

b)

Purchases Return Journal

c)

Cash Book

d)

General Journal

8.

A credit note is issued by

a)

a customer

b)

a supplier

9.

Sold goods on credit to Sun Shine Trading

a)

Sales Journal

b)

Purchase Journal

c)

Sales Return Journal

d)

Cash Sales

10.

Paid wages by cheque.

a)

Purchase Journal

b)

Sales Journal

c)

Cash Book

d)

Purchase Return Journal

11.

Cash sales to Aminah

a)

Cash Book

b)

Sales Journal

c)

Purchase Journal

d)

Sales Return Journal

12.

Nominal accounts are related to ?

a)

(a) assets and liabilities

b)

(b) expenses and incomes

c)

(c) customers and creditors

d)

(d) none of these

13.

A journal is known as a book of (a)   entry

14.

What is the purpose of the sales journal?

a)

To calculate the company's annual profit

b)

To record all sales transactions made on credit.

c)

To track employee attendance

d)

To record all purchases made in cash

15.

Ledger is called a book of original entry. Is this statement true or false

a)

False

b)

True

16.

Equipment is sold for cash?

a)

Assets increase and decrease

b)

Assets and liabilities increase

17.

A __________ amount will appear on the left side of a T-account.

a)

Debit

b)

Credit

18.

Is a bank loan an asset or a liability?

a)

Asset

b)

Liability

19.

A business is started with the injection of 10,000 in cash. In which account is the credit entry made?

a)

Cash

b)

Capital

20.

Accounts receivable is firm's

a)

customers or assets.

b)

suppliers or liabilities.

c)

customers or liabilities.

d)

suppliers or assets.

21.

Withdraw cash for personal use is recorded as

a)

Debit Cash, Credit Capital

b)

Debit Drawings, Credit Cash

c)

Debit Capital, Credit Cash

d)

Debit Cash, Credit Drawings

22.

General journal can be used to record

a)

purchase of non-current asset.

b)

credit purchase of goods/ stocks.

c)

credit sales of goods.

23.

The right hand side of a "T" account is called

a)

Debit

b)

Credit

24.

A decrease to accounts payable is a

a)

Debit

b)

Credit

25.

Equipment is sold for cash

a)

Assets increase and decrease

b)

Assets and Liabilties Increase

26.

An asset account is increased with a...

a)

Credit

b)

Debit

27.

Payment with cash should be recorded as

a)

Debit cash account.

b)

Credit cash account.

c)

Debit bank account.

d)

Credit bank account.

28.

Which of the following is an asset?

a)

Bank whom the firm took the loan from.

b)

Machinery bought from ABC Enterprise

c)

Owing to ABC Enterprise

d)

Owner's contribution of cash.

29.

Which of the following is the accounting equation?

a)

Assets + Capital = Liabilities

b)

Liabilities – Capital = Assets

c)

Capital = Assets + Liabilities

d)

Capital = Assets – Liabilities

30.
When a customer of a business pays off his or her account with a cheque, the double entry account entries are a debit to the trade receivable's account and a credit to the bank account.
a)
True
b)
False
31.
Credit sales is the term given to sales made to customers who pay straight away.
a)
True
b)
False
32.
A clothing shop buying a computer for use in the business and paying by cheque will make a debit entry to the purchases account and a credit entry to bank account.
a)
True
b)
False
33.

A check returned by the bank marked "NSF" means

a)

not satisfactorily filled-out.

b)

not sufficient funds.

c)

no signature found.

d)

no service fee.

34.

A bank statement

a)

allows a depositor know the financial position of the bank as of a certain date.

b)

is a credit reference letter written by the depositor's bank.

c)

is a bill from the bank for services rendered.

d)

shows the activity which increased or decreased the depositor's account balance.

35.

Which of the following transactions should be entered in the Petty Cash Book?

a)

Salary payments

b)

Stock issued

c)

Subscriptions

d)

Travelling expenses

36.

Cheques received but deposited on the next day are recorded in:

a)

(a) Cash column of the cash book

b)

(b) Bank column of the cash book

c)

(c) Both of these

d)

(d) None of these

37.

If the debit and credit aspects of a transaction are recorded in the cash Book it is a:

a)

(a) Contra entry

b)

(b) Simple entry

c)

(c) Double entry

d)

(d) Single entry

38.

Small payments are recorded in a book called

a)

(a) Cash Book

b)

(b) Small payments book

c)

(c) Purchase book

d)

(d) Petty cash book

39.

Cash book is a form of:

a)

(a) Trial Balance

b)

(b) Ledger

c)

(c) Journal

d)

(d) All of the above

40.
Cash book records ………… receipts and payments.
a)
cash
b)
credit
c)
cash and credit both
d)
either cash or credit
e)
neither cash nor credit
41.

The Balance of Petty Cash is :

a)

(a) An Expense

b)

(b) Revenue

c)

(c) An asset

d)

(d) Liability

42.

Which side does Dishonoured cheques belong ?

a)

Debit

b)

Credit

43.

Which side does Refunds belong?

a)

Debit

b)

Credit

44.

Which side Discount Received belong ?

a)

Debit

b)

Credit

45.

Which side does interest on overdue accounts belong ?

a)

Debit

b)

Credit

46.

Which side does Returns Outwards belong?

a)

Debit

b)

Credit

47.

Which side does credit purchases belong ?

a)

Debit

b)

Credit

48.

Which side does payments to creditors belong?

a)

Debit

b)

Credit

49.

Which side does Set-off belong ?

a)

Debit

b)

Credit

50.

Which side does Bad Debts belong ?

a)

Debit

b)

Credit

51.

Which side does Dishonoured cheques belong ?

a)

Debit

b)

Credit

52.

Which side does Refunds belong ?

a)

Debit

b)

Credit

53.

Which side does Discount Allowed belong?

a)

Debit

b)

Credit

54.

Which side does Receipts from debtors belong ?

a)

Debit

b)

Credit

55.

Which side does Returns Inwards belong ?

a)

Debit

b)

Credit

56.

Which side does interest on overdue accounts belong ?

a)

Debit

b)

Credit

57.

On which side does CREDIT SALES belong?

a)

Debit

b)

Credit

58.

What is the purpose of a sales ledger control account?

a)

To manage inventory levels

b)

To provide a summary of all transactions recorded in individual sales ledger accounts.

c)

To calculate payroll taxes

d)

To track employee attendance

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