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Quiz

Introduction to Accounts and Double Entry

dmartin9940 10 questions 5.0 (1 rating)

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Questions in this quiz (10)

  1. 1Given the following data, calculate the value of the firm’s capital: Non-current assets $4,000; Inventory $350; Trade Receivables $180; cash at bank $650 and Trade Payables $280.
    1. A$5,460
    2. B$4,900
    3. C$5,180
    4. D$5,000
  2. 2Which of the following would not be classified as an asset?
    1. APremises
    2. BMoney owed by us to a supplier
    3. CCash in hand
    4. DMoney owed to us by a customer
  3. 3The correct double entry to record the return of inventory by us to suppliers is:
    1. ADr Trade Payable Account
      Cr Purchases Account
    2. BDr Trade Payable Account
      Cr Sales Returns Account
    3. CDr Bank
      Cr Purchases Returns Account
    4. DDr Trade Payable Account
      Cr Purchases Returns Account
  4. 4Which of the following is not a liability?
    1. ALoan
    2. BBank Overdraft
    3. CTrade Receivable
    4. DMortgage
  5. 5A sole trader introduces a typewriter that is her own into the business for business use. The double-entry transaction needed to record this would be:
    1. ADr Capital
      Cr Typewriter
    2. BDr Drawings
      Cr Typewriter
    3. CDr Typewriter
      Cr Drawings
    4. DDr Typewriter
      Cr Capital
  6. 6Sale of inventory on credit to L Parker should be recorded as:
    1. ADr Sales
      Cr L Parker
    2. BDr Sales
      Cr Profit and Loss
    3. CDr L Parker
      Cr Sales
    4. DDr Inventory
      Cr Sales
  7. 7What is the closing balance on the following account as at 31 March 201X?

    Image for question 7
    1. A$225 Debit
    2. B$225 Credit
    3. C$300 Credit
    4. D$300 Debit
  8. 8A furniture retailer buys tables for cash for use in the head office. What entry would record this correctly in the accounts?
    1. ADr Purchases
      Cr Cash
    2. BDr Cash
      Cr Purchases
    3. CDr Office Furniture
      Cr Cash
    4. DDr Cash
      Cr Office Furniture
  9. 9Which of the following is not correct?
    1. ACapital Assets Liabilities
      $2,194 $5,435 $3,241
    2. BCapital Assets Liabilities
      $6,316 $8,771 $2,455
    3. CCapital Assets Liabilities
      $6,413 $9,885 $3,472
    4. DCapital Assets Liabilities
      $6,754 $11,324 $4,560
  10. 10Machinery bought on credit from Lander Ltd had to be retuned due to its unsuitability. The correct entry to record this in the accounts would be:
    1. ADr Machinery
      Cr Lander Ltd
    2. BDr Lander Ltd
      Cr Purchase returns
    3. CDr Purchase Returns
      Cr Lander Ltd
    4. DDr Lander Ltd
      Cr Machinery

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Description
Introduction to Accounting and Double Entry Quiz 1
Language
English
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199
Rating
5.0 out of 5 · 1 rating
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