........... is a general term for activities of the business.
capital
purchases
sales
transactions
............ is an amount received from creditors when paying them within required time.
cash discount
discount allowed
discount received
trade discount
............. accounts are individual accounts of debtors and creditors.
impersonal
nominal
personal
real
............. accounts cover asset accounts such as premises, motor vehicles, etc.
impersonal
nominal
personal
real
............. accounts cover various income and expense accounts, e.g. sales, wages, etc.
Impersonal
nominal
Personal
Real
............. means a charge paid by the firm to carrier for delivering goods to customers: Cost of distribution
check_box carriage outwards
carriage inwards
returns inwards
returns outwards
.............. is used to record Cash & Bank accounts
Cash book
General Ledger
Private Ledger
Sales Ledger
.............. is a direct means of transferring money through the bank systems, which is initiated by the paying party.
cheque
credit transfer
direct debit
standing order
.............. is direct transfer between bank accounts, involving fixed accounts at regular intervals.
Cheque
credit transfer
direct debit
standing order
.............. Ledger is used to record creditor accounts
General
Private
Purchases
Sales
.............. Ledger is used to record debtor accounts
General
Private
Purchases
Sales
................. is indicated in the invoice and recorded in the accounts.
check_box Cash discount
Discount allowed
Discount received
Trade discount
.................. account is used for regular banking and withdrawal of money.
cheque
credit transfer
current
deposit
‘Balance sheet’ is .........
a type of financial statement
record of transactions by categories
resources or items owned by the business
the amount of the owner’s stake in the business.
‘Capital’ is ................
a type of financial statement
record of transactions by categories
resources or items owned by the business
the amount of the owner’s stake in the business.
4 types of personal accounts include capital, supplier, customer, and ..........
bank
cash
drawings
sales
A .... is someone who owes you money after you sell him/ her on credit.
creditor
debtor
liabilities
loan
A ....... is someone to whom you owe money after you buy on credit.
Creditor
Debtor
Liabilities
Loan
A general term for amounts owing to persons other than the owner is ......
creditor
liabilities
loan
reditordebtor
According to double-entry rules, if a liability decreases, .......
Liability account will be credited
Liability account will be debited
Liability account will be debited and credited
Liability account will be debited or credited
According to double-entry rules, if an asset increases, .......
asset account will be credited
asset account will be debited
asset account will be debited and credited
asset account will be debited or credited
Book-keeping entries relating to Cash Purchases are:
credit purchases account & credit Cash/ Bank account
credit purchases account & debit Cash/ Bank account
debit purchases account & credit Cash/ Bank account
debit purchases account & debit Cash/ Bank account
Book-keeping entries relating to Cash Sales are:
credit Cash/ Bank account & credit Sales account
credit Cash/ Bank account & debit Sales account
debit Cash/ Bank account & credit Sales account
debit Cash/ Bank account & debit Sales account
Book-keeping entries relating to Credit Purchase are:
credit purchases account & credit supplier’s (creditor’s) account
credit purchases account & debit supplier’s (creditor’s) account
debit purchases account & credit supplier’s (creditor’s) account
debit purchases account & debit supplier’s (creditor’s) account
Book-keeping entries relating to Credit Sales are:
credit customer’s (debtor’s) account & credit sales account
credit customer’s (debtor’s) account & debit sales account
debit customer’s (debtor’s) account & credit sales account
debit customer’s (debtor’s) account & debit sales account
Book-keeping entries relating to Payment received from debtor are:
credit bank/ cash account & credit debtor’s account
credit bank/ cash account & debit debtor’s account
debit bank/ cash account & credit debtor’s account
debit bank/ cash account & debit debtor’s account
Book-keeping entries relating to Payment to creditor are:
credit creditor’s account & credit bank/ cash account
credit creditor’s account & debit bank/ cash account
debit creditor’s account & credit bank/ cash account
debit creditor’s account & debit bank/ cash account
Book-keeping entries relating to Purchases Returns are:
credit Returns Inwards account & debit debtor’s account
credit Returns Outwards account & debit supplier’s (creditor’s) account
debit Returns Inwards account & credit debtor’s account
debit Returns Outwards account & credit supplier’s (creditor’s) account
Book-keeping entries relating to Sales Returns are:
credit Returns Inwards account & debit debtor’s account
credit Returns Outwards account & debit supplier’s (creditor’s) account
debit Returns Inwards account & credit debtor’s account
debit Returns Outwards account & credit supplier’s (creditor’s) account
Calculate Current Liabilities from the following details: Fixed assets: £53,000; Current assets: £28,500; Capital: £ 66,500; Long-term liabilities: £8,300.
check_box £6,700
£23,300
£74,800
£81,500
Calculate Gross Profit from the following details: Cost of goods sold: £15,200; Sales £23,700, Returns Inwards £1,420.
check_box £7,080
£22,280
£8,500
£9,920
Calculate Net Profit from the following details: Gross profit: £12,000; Rent payable: £1,500; Rent receivable: £420; Wages: £1,210; Insurance: £300; office expenses: £420; travelling expenses: £270.
check_box £8,720
£7,880
£8,270
£8,780
Calculate Net Profit from the following details: Gross profit: £12,400; Expenses £7,550, Commission £420.
check_box £5,270
£4,430
£4,850
£6,370
Calculate Net profit from the following details: Total of Capital at the end of period: £62,000; capital at the beginning of period: £48,000; Drawings: £2,420
check_box £16,420
£11,580
£14,000
£40,600
Calculate the Fixed Assets from the following details: Total of assets: £73,600; Stock £2,200, Debtors: £2,800, Cash: £ 3,240, Bank: £21,300
check_box £44,060
£40,060
£40,600
£44,600
Calculate the total of Assets from the following details: Fixed assets: Furniture and fittings: £12,000; Motor vehicle: £7,000 - Current assets: Stock £2,200, Debtors: £1,850, Cash: £ 3,410, Bank: £13,000
check_box £39,460
£19,000
£20,460
£32,460
From Sales Day book, detail is transferred monthly to Sales account in ...........
check_box General Ledger
Cash book
Purchases Ledger
Sales Ledger
From Sales Day book, detail is transferred promptly to .......... account in Sales Ledger
check_box Debtor’s
Cash/ Bank
Creditor’s
Sales
From the transaction below: ‘A Smith owed the business £1,500 for the goods sold to him on May 10, Year 2. The terms of sale allow for 3% cash discount for payment within 7 days. On May 15, Year 2, A Smith paid his debt by cheque.’What entries in the cash book are necessary for this transaction?
Cr Discount allowed £45 & Cr Bank £1,455
Cr Discount allowed £45 & Dr Bank £1,455
Dr Discount allowed £45 & Cr Bank £1,455
Dr Discount allowed £45 & Dr Bank £1,455
From the transaction below: ‘A Smith owed the business £1,800 for the goods sold to him & he paid his debt within required time; hence 3% cash discount was given to him’. How much cash discount was given to him?
£1,746
£1,756
£1,800
£54
From the transaction below: ‘A Smith owed the business £1,800 for the goods sold to him & he paid his debt within required time; hence 3% cash discount was given to him’. How much did A Smith actually pay?
£1,746
£1,756
£1,800
£54
From the transaction below: ‘A Smith owed the business £1,800 for the goods sold to him & he paid his debt within required time; hence 3% cash discount was given to him’.What kind of discount is it?
Cash discount
discount allowed
discount received
Trade discount
From the transaction below: ‘Credit sale to P Starkey at list price of £360, subject to 15% trade discount’. How much discount will be given to P Starkey?
check_box £54
£306
£316
£360
From the transaction below: ‘Credit sale to P Starkey at list price of £360, subject to 15% trade discount’. How much will be recorded into accounts?
check_box £306
£316
£360
£54
From the transaction below: ‘The business owed L Turner £2,000 for the goods bought from May 20th Year 2. By paying by cheque within a specified time (May 23, Year 2), the business can receive a cash discount of 5%’. What entries in the cash book are necessary for this transaction?
Cr Discount received £100 & Cr Bank £1,900
Cr Discount received £100 & Dr Bank £1,900
Dr Discount received £100 & Cr Bank £1,900
Dr Discount received £100 & Dr Bank £1,900
From the transaction below: ‘You owed A John, a creditor £2,000 for the goods bought from him & you paid your debt within required time; hence 3% cash discount was received’. How much cash discount did you received?
£1,940
£1,960
£2,000
£60
From the transaction below: ‘You owed A John, a creditor £2,000 for the goods bought from him & You paid your debt within required time; hence 3% cash discount was received’. How much did you have to pay?
£1,940
£1,960
£2,000
£60
From the transaction: ‘Credit purchase from A John at list price of £880, subject to 20% trade discount’. How much discount will the business receive?
check_box £176
£167
£704
£880
From the transaction: ‘Credit purchase from A John at list price of £880, subject to 20% trade discount’. How much will the business record into Day book?
check_box £704
£176
£740
£880
From the transaction: ‘Credit purchase from S Letts at list price of £250, subject to 10% trade discount; then return goods to S Letts at list price £40’. How much will the business finally owe S Letts?
check_box £189
£210
£36
£4
From the transaction: ‘Credit purchase from S Letts at list price of £250, subject to 10% trade discount; then return goods to S Letts at list price £40’. How much will the business record in Return Outwards account?
check_box £36
£210
£4
£40
From the transaction: ‘Credit purchase from S Letts at list price of £250, subject to 10% trade discount’. In what Day book and what accounts will it be recorded & How much will it be recorded?
check_box Purchases Day book; Dr Purchases £225 ; Cr S Letts £225
Purchases Day book; Dr Purchases £250 ; Cr S Letts £250
Sales Day book; Dr S Letts £225 ; Cr Sales £225
Sales Day book; Dr S Letts £250 ; Cr Sales £250
From the transaction: ‘K Devine returns to us goods with a list price of £150. No discount was previously made.’ In what accounts will it be recorded?
check_box Dr Returns Inwards £150 & Cr K Devine £150
Cr K Devine £150 & Dr Returns Outwards £150
Cr Returns Inwards £150 & Dr K Devine £150
Dr K Devine £150 & Cr Returns Outwards £150
From the transaction: ‘Return goods to S Letts at list price £40’. In what Day book and what accounts will it be recorded?
check_box Returns Outwards Day book; Dr S Letts a/c & Cr Returns Outwards a/c
Returns Inwards Day book; Dr Purchases a/c & Cr S Letts
Returns Inwards Day book; Dr Returns Inwards a/c & Cr S Letts
Returns Outwards Day book; Dr Returns Outwards a/c & Cr S Letts a/c
From the transaction: ‘S Smart –a debtor returned goods to the business’. In what accounts & what ledger will it be recorded?
check_box Dr Returns Inwards a/c in General Ledger & Cr S Smart a/c in Sales Ledger
Cr Returns Outwards a/c in General Ledger & Dr S Smart a/c in Sales Ledger
Dr Returns Inwards a/c in General Ledger & Cr S Smart a/c in Purchases Ledger
Dr Returns Outwards a/c in General Ledger & Cr S Smart a/c in Sales Ledger
How is ‘Carriage inwards’ treated in final accounts?
Carriage inwards is added into expense column
Carriage inwards is added to the amount of Purchases
Carriage inwards is deducted in amount of Sales
Carriage inwards is deducted in the amount of Purchases
How is ‘Carriage Outwards’ treated in final accounts?
check_box Carriage inwards is added into expense column
Carriage inwards is added to the amount of Purchases
Carriage inwards is deducted in amount of Sales
Carriage inwards is deducted in the amount of Purchases
How is ‘Carriage Outwards’ treated in final accounts?
check_box Carriage outwards is added into expense column
Carriage outwards is added to the amount of Purchases
Carriage outwards is deducted in amount of Sales
Carriage outwards is deducted in the amount of Purchases
In the accounting equation, ........
The two sides will always be equal to one another
The two sides will never be equal to one another
Total of assets is always bigger than total of capital and liabilities
Total of assets is always smaller than total of capital and liabilities
In the following transaction: ‘The owner puts a further amount into the business by cheque’, which account is debited and which account is credited?
debit bank account & credit capital account
debit bank account & credit the owner’s account
debit the owner’s account & credit bank account
debit the owner’s account & credit capital account
In the transaction ‘wages of £40 are paid in cash’, which entries are correct?
Cr wages account £40 & Cr Cash account £40
Cr wages account £40 & Dr Cash account £40
Dr wages account £40 & Cr Cash account £40
Dr wages account £40 & Dr Cash account £40
In the transaction below: ‘You owed A John, a creditor for the goods bought from him & you paid your debt within required time; hence A John gave you cash discount’. What kind of discount is it?
Cash discount
discount allowed
discount received
Trade discount
In the transaction, ‘Goods sold for £210 on credit to T Smith’, which entries are correct?
Dr Bank £210 & Cr Sales £210
Dr Sales £210 & Cr Bank £210
Dr Sales £210 & Cr T Smith £210
Dr T Smith £210 & Cr Sales £210
In the transaction: ‘Cash sale £1,410, in which £410 was received in cash’. What entries in the Cash book are done?
Cr Cash £410 & Cr Bank £1,000
Dr Cash £1,410
Dr Cash £410
Dr Cash £410 & Dr Bank £1,000
In the transaction: ‘Paid £442 in cash to A Dobbs in settlement of a debt of £450’. What entries in the Cash book are done?
Cr Cash £442
Cr Discount allowed £8 & Cr Cash £442
Cr Discount received £8 & Cr Cash £442
Dr Cash £442
In the transaction: ‘Received a cheque of £1,200 from A Smart in full settlement of debt of £1,212’. What entries in the Cash book are done?
Cr Discount received £12 & Dr Bank £1,200
Dr Bank £1,200
Dr Discount allowed £12 & Dr Bank £1,200
Dr Discount allowed £12 & Dr Bank £1,212
In the transaction: ‘Withdrew £420 from bank to make cash in office’. What entries in the Cash book are done?Nếu vụ án không thuộc thẩm quyền của mình thì Tòa án phải trả hồ sơ cho Viện kiểm sát.
Cr Bank £420 & Cr Cash £420
Cr Bank £420 & Dr Cash £420
Dr Bank £420 & Cr Cash £420
Dr Bank £420 & Dr Cash £420
The account ‘Bank’ has 3 transactions during July, Year 4, including 1 debit entries with £2,000 and 2 credit entries with £170 and £240. How much is the balance of this account at the end of July, Year 4?
£1,590 Cr
£1,590 Dr
£1,690 Cr
£1,690 Dr
The account ‘Bank’ has 3 transactions during July, Year 4, including 1 debit entries with £5,000 and 2 credit entries with £170 and £240. How much is the balance of this account at the end of July, Year 4?
check_box £1,590 Dr
£1,590 Cr
£1,690 Cr
£1,690 Dr
The account ‘T Dove’ has 4 transactions during May, Year 4, including 2 debit entries with £150 & £80 and 2 credit entries with £170 and £35. How much is the balance of this account at the end of May, Year 4?
£25 Cr
£25 Dr
£35 Cr
£35 Dr
The account ‘T Smith’ has 4 transactions during July, Year 4, including 2 debit entries with £50 & £80 and 2 credit entries with £170 and £230. How much is the balance of this account at the end of July, Year 4?
£170 Cr
£170 Dr
£270 Cr
£270 Dr
The capital equation is:
Assets equals capital and liabilities
Assets less liabilities equals capital
Capital equals assets and liablities
Liabilities equals assets less capital
The capital equation is:
check_box Assets less liabilities equals capital
Assets equals capital and liabilities
Capital equals assets less liablities
Liabilities equals assets less capital
The difference between current account and deposit account is that current account is used for ............ banking and withdrawal of money, and in deposit account withdrawals will be .............
infrequent/ infrequent
infrequent/ Regular
regular/ infrequent
regular/ regular
The following detail appears in the Purchases Day Book: ‘T Smith56/637£656’To what accounts & Ledgers will this detail be transferred?
check_box T Smith a/c in Purchases Ledger; Purchases a/c in General Ledger
T Smith a/c and Purchases a/c in General Ledger
T Smith a/c and Purchases a/c in Purchases Ledger
T Smith a/c in General Ledger; Purchases a/c in Purchases Ledger
The formula for Cost of goods sold is:
check_box Opening stock+Purchases+Carriage inwards-Returns outwards-Closing stock
Opening stock+Purchases+Carriage inwards+Returns outwards –Closing stock
Opening stock+Purchases-Carriage inwards-Returns outwards –Closing stock
Opening stock+Purchases-Carriage inwards-Returns outwards –Closing stock
The invoice gives details of .................
Both Trade discount and Cash discount
Cash discount
Discount allowed
Trade discount
The main difference between ‘Expenses’ and ‘Drawings’ is that.......
‘Drawings’ is the costs of running a business and ‘Expenses’ is withdrawals from a business by the owner for his private use
‘Expenses’ is the costs of running a business and ‘Drawings’ is withdrawals from a business by the owner for both his private use and business’ use
‘Expenses’ is the costs of running a business and ‘Drawings’ is withdrawals from a business by the owner for his private use
‘Expenses’ is the costs of running a business and ‘Drawings’ is withdrawals from a business by the owner for the business’ use
The term ‘account’ means .....
a record of transactions by category (purchases, for example), or by person or organization.
person (or business) to whom money is owed by the business
person (or business) who owes money for goods or services supplied by the business
taking an ownership of an asset now, but paying for it at later stage
The term ‘Drawings’ means
withdrawals from a business by the owner for the business’ private use: in cash or goods/ services
withdrawals from a business by the owner for the business’ use: in cash or goods/ services
withdrawals from a business by the owner for the owner’s private use: in cash or goods/ services
withdrawals from a business by the owner for the use of both the owner and the business: in cash or goods/ services
The term ‘Transaction on credit’ means ........
a record of transactions by category (purchases, for example), or by person or organization.
person (or business) to whom money is owed by the business
person (or business) who owes money for goods or services supplied by the business
taking an ownership of an asset now, but paying for it at later stage
The total of discount received column in the cash book will be transferred to ............. Ledger.
General
Private
Purchases
Sales
The word ......... in the heading of the balance sheet is linked to the idea of the snapshot photograph.
at
equal
month
with
T-type Ledger accounts has the following format:
one-sided account only with credit side
One-sided account only with debit side
two-sided account with credit side on the left and debit side on the right
two-sided account with debit side on the left and credit side on the right
When you received money from debtors who pay their debts within required time, the discount you give him is called .............
cash discount
discount allowed
discount received
trade discount
Where balances are carried forward from one page to the next, ‘balance .........’ would appear at the bottom of one page and ‘balance .......’ at the top of the next page.
b/d – c/d
b/f – c/f
c/d – b/d
c/f – b/f
Which account below is close off to Profit and Loss account?
check_box Carriage Outwards
Carriage Inwards
Purchases
Sales
Which account below is close off to Trading account?
check_box Carriage Inwards
Carriage Outwards
Rent
Salaries
Which item below is not an asset?
Cash
Creditor
Debtor
Motor vehicle
Which item below is not an expense?
insurance
rent payable
rent receivable
wages, salaries
You are presented with the following data:
Assets 13,970
Capital 2,934
Liabilities 11,576
What comment would you make?
Capital is correct
the equation is correct
the two sides are equal
the two sides are not equal. One figure must be incorrect
You are presented with the following data:Assets 13,970Capital 2,394Liabilities 11,576What comment would you make?
check_box the two sides are not equal. One figure must be incorrect
Capital is correct
the equation is correct
the two sides are equal
You can calculate ........... profit in ‘Profit and Loss account’.
check_box Net
Expense
Gross
Income
You can calculate ........... profit in ‘Trading account’.
check_box Gross
Expense
Income
Net
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