............ is an amount received from creditors when paying them within required time.
check_box discount received
cash discount
discount allowed
trade discount
............. accounts are individual accounts of debtors and creditors.
personal
real
nominal
impersonal
............. accounts cover asset accounts such as premises, motor vehicles, etc.
real
nominal
personal
impersonal
............. accounts cover various income and expense accounts, e.g. sales, wages, etc.
nominal
Personal
Real
Impersonal
.............. is used to record Cash & Bank accounts
check_box Cash book
Sales Ledger
General Ledger
Private Ledger
.............. is a direct means of transferring money through the bank systems, which is initiated by the paying party.
standing order
direct debit
credit transfer
cheque
.............. is direct transfer between bank accounts, involving fixed accounts at regular intervals.
check_box standing order
Cheque
direct debit
credit transfer
.................. account is used for regular banking and withdrawal of money.
check_box current
deposit
credit transfer
cheque
‘Capital’ is ................
check_box the amount of the owner’s stake in the business.
resources or items owned by the business
a type of financial statement
record of transactions by categories
4 types of personal accounts include capital, supplier, customer, and ..........
check_box drawings
cash
sales
bank
A .... is someone who owes you money after you sell him/ her on credit.
debtor
loan
liabilities
creditor
A ....... is someone to whom you owe money after you buy on credit.
Creditor
Loan
Liabilities
Debtor
A general term for amounts owing to persons other than the owner is ......
loan
reditordebtor
liabilities
creditor
According to double-entry rules, if a liability decreases, .......
Liability account will be debited or credited
Liability account will be debited and credited
Liability account will be credited
Liability account will be debited
According to double-entry rules, if an asset increases, .......
check_box asset account will be debited
asset account will be debited and credited
asset account will be debited or credited
asset account will be credited
Book-keeping entries relating to Cash Purchases are:
check_box debit purchases account & credit Cash/ Bank account
credit purchases account & credit Cash/ Bank account
debit purchases account & debit Cash/ Bank account
credit purchases account & debit Cash/ Bank account
Book-keeping entries relating to Cash Sales are:
debit Cash/ Bank account & debit Sales account
credit Cash/ Bank account & credit Sales account
credit Cash/ Bank account & debit Sales account
debit Cash/ Bank account & credit Sales account
Book-keeping entries relating to Credit Purchase are:
check_box debit purchases account & credit supplier’s (creditor’s) account
debit purchases account & debit supplier’s (creditor’s) account
credit purchases account & debit supplier’s (creditor’s) account
credit purchases account & credit supplier’s (creditor’s) account
Book-keeping entries relating to Credit Sales are:
check_box debit customer’s (debtor’s) account & credit sales account
credit customer’s (debtor’s) account & credit sales account
credit customer’s (debtor’s) account & debit 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
debit bank/ cash account & credit debtor’s account
credit bank/ cash account & debit debtor’s account
debit bank/ cash account & debit debtor’s account
Book-keeping entries relating to Payment to creditor are:
credit creditor’s account & debit bank/ cash account
debit creditor’s account & debit bank/ cash account
debit creditor’s account & credit bank/ cash account
credit creditor’s account & credit bank/ cash account
Book-keeping entries relating to Purchases Returns are:
credit Returns Outwards account & debit supplier’s (creditor’s) account
credit Returns Inwards account & debit debtor’s account
debit Returns Outwards account & credit supplier’s (creditor’s) account
debit Returns Inwards account & credit debtor’s account
Book-keeping entries relating to Sales Returns are:
check_box debit Returns Inwards account & credit debtor’s account
debit Returns Outwards account & credit supplier’s (creditor’s) account
credit Returns Inwards account & debit debtor’s account
credit Returns Outwards account & debit supplier’s (creditor’s) account
Calculate Net Profit from the following details: Gross profit: £12,400; Expenses £7,550, Commission £420.
£5,270
£6,370
£4,850
£4,430
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
£40,060
£44,060
£44,600
£40,600
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?
check_box £54
£1,800
£1,746
£1,756
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?
£1,756
£1,746
£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?
Trade discount
discount received
discount allowed
Cash discount
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?
check_box Cr Discount received £100 & Cr Bank £1,900
Dr Discount received £100 & Dr Bank £1,900
Dr Discount received £100 & Cr Bank £1,900
Cr 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?
check_box £60
£2,000
£1,940
£1,960
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?
£1,960
£60
£2,000
£1,940
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?
£176
£704
£880
£167
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?
£176
£704
£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?
£4
£189
£36
£210
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?
£36
£210
£40
£4
From the transaction: ‘Return goods to S Letts at list price £40’. In what Day book and what accounts will it be recorded?
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 S Letts a/c & Cr Returns Outwards a/c
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?
Dr Returns Inwards a/c in General Ledger & Cr S Smart a/c in Sales Ledger
Dr Returns Outwards 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
How is ‘Carriage Outwards’ treated in final accounts?
Carriage inwards is added to the amount of Purchases
Carriage inwards is added into expense column
Carriage inwards is deducted in the amount of Purchases
Carriage inwards is deducted in amount of Sales
In the accounting equation, ........
check_box 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?
check_box debit bank account & credit capital account
debit the owner’s account & credit bank account
debit bank account & credit the owner’s account
debit the owner’s account & credit capital account
In the transaction ‘wages of £40 are paid in cash’, which entries are correct?
check_box Dr wages account £40 & Cr Cash account £40
Cr wages account £40 & Dr Cash account £40
Dr wages account £40 & Dr Cash account £40
Cr wages account £40 & Cr 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 received
Trade discount
discount allowed
In the transaction, ‘Goods sold for £210 on credit to T Smith’, which entries are correct?
check_box Dr T Smith £210 & Cr Sales £210
Dr Sales £210 & Cr T Smith £210
Dr Sales £210 & Cr Bank £210
Dr Bank £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?
check_box Dr Cash £410 & Dr Bank £1,000
Dr Cash £1,410
Dr Cash £410
Cr Cash £410 & Cr 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?
Dr Cash £442
Cr Discount received £8 & Cr Cash £442
Cr Discount allowed £8 & Cr Cash £442
Cr 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?
check_box Dr Discount allowed £12 & Dr Bank £1,200
Dr Bank £1,200
Dr Discount allowed £12 & Dr Bank £1,212
Cr Discount received £12 & Dr Bank £1,200
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.
check_box Cr Bank £420 & Dr Cash £420
Dr Bank £420 & Dr Cash £420
Cr Bank £420 & Cr Cash £420
Dr Bank £420 & Cr Cash £420
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?
£1,690 Dr
£1,690 Cr
£1,590 Cr
£1,590 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?
£35 Cr
£25 Cr
£25 Dr
£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 Dr
£270 Cr
£170 Cr
£270 Dr
The capital equation is:
check_box Assets less liabilities equals capital
Liabilities equals assets less capital
Capital equals assets and liablities
Assets equals capital and liabilities
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/ Regular
infrequent/ infrequent
regular/ regular
regular/ infrequent
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 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
‘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
The term ‘account’ means .....
taking an ownership of an asset now, but paying for it at later stage
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
a record of transactions by category (purchases, for example), or by person or organization.
The term ‘Drawings’ means
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 business’ 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 ........
person (or business) to whom money is owed by the business
taking an ownership of an asset now, but paying for it at later stage
person (or business) who owes money for goods or services supplied by the business
a record of transactions by category (purchases, for example), or by person or organization.
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 debit side on the left and credit side on the right
two-sided account with credit side on the left and debit 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 received
trade discount
discount allowed
Which account below is close off to Profit and Loss account?
Carriage Inwards
Carriage Outwards
Purchases
Sales
Which account below is close off to Trading account?
Rent
Carriage Outwards
Salaries
Carriage Inwards
Which item below is not an asset?
Creditor
Debtor
Motor vehicle
Cash
Which item below is not an expense?
check_box rent receivable
wages, salaries
insurance
rent payable
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 two sides are equal
the equation is correct
You can calculate ........... profit in ‘Profit and Loss account’.
Net
Expense
Gross
Income
You can calculate ........... profit in ‘Trading account’.
Income
Gross
Net
Expense
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