WorksheetsAccounting Multiple Choice Questions
Total questions: 29
Worksheet time: 15mins
Every transaction has:
One effect
Three effects
Four effects
Two effects
Expenses are:
Credited
Ignored
Debited
Reversed
A journal is:
Ledger
Trial balance
Book of original entry
Balance sheet
A ledger contains:
Source documents
Accounts
Cash only
Credit notes
Cash sales credit entry goes to:
Purchase account
Cash account
Sales account
Ledger closing
Cash book is:
Journal
Ledger
Both journal and ledger
None
Cash received is on:
Right side
Debit side
Credit side
Middle
Bank overdraft is on:
Debit side
Both sides
Credit sides
Asset side
Contra entry occurs when:
Bank pays supplier
Both sides
Cash is deposited into Goods returned
Customer pays cash
Petty cash book handles:
Large payments
Small payments
Purchases
Small payments
Imprest system relates to:
Ledger
Control accounts
Petty cash
Invoices
Discount allowed is on:
Right side
Debit side
Credit side
Asset side
Cheque payments appear on:
Debit side
Both sides
Credit side
Asset
Cash book records:
Cash only
Bank only
Debit
Credit
Opening cash in hand is on:
Credit
Cash account
Ledger
Asset
Bank reconciliation compares cash book with:
Ledger
Issued but not cashed
Deposits not yet recorded by bank
Purchases
Unpresented cheques are:
Lost
Withdrawals
Issued but not cashed
Deposits not yet recorded by bank
Deposits not credited are:
Sales
Cash payment
Deposits not yet recorded by bank
Purchases
Appears in bank statement only:
Sales
Cash payment
Cheque issued
Ledger
Standing order: 1. Returned unpaid 2. Loan paid 3. Positive balance
Returned unpaid
Loan paid
By bank customer's behalf
Positive balance
Customer transfer appears in:
Counterfoil
Prudence
Consistency
Realization
Dishonoured cheque is:
Paid
More cash
Returned unpaid
Loan paid
Increase in overdraft means:
Debt
By customer
Loan paid
Positive balance
Favourable balance means:
Debt
By customer
Positive balance
Prudence
Direct debit is a payment:
By customer
Prudence
Consistency
Realization
The convention that requires accountants to be cautious in reporting profits is:
Matching
Accrual
Prudence
Consistency
The assumption that a business will continue to operate indefinitely is called:
Matching
Accrual
Prudence
Consistency
The concept that requires recording revenue only when earned is ________:
Matching
Accrual
Prudence
Consistency
The concept that states expenses should be matched with the related revenue is:
Consistency
Realization
Cost
Matching
