3758938
Description
Quiz by dmartin9940, updated more than 1 year ago
|
Created by dmartin9940
over 8 years ago
|
|
Question 1
Question
Given 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.
Answer
-
$5,460
-
$4,900
-
$5,180
-
$5,000
Question 2
Question
Which of the following would not be classified as an asset?
Answer
-
Premises
-
Money owed by us to a supplier
-
Cash in hand
-
Money owed to us by a customer
Question 3
Question
The correct double entry to record the return of inventory by us to suppliers is:
Answer
-
Dr Trade Payable Account Cr Purchases Account
-
Dr Trade Payable Account Cr Sales Returns Account
-
Dr Bank Cr Purchases Returns Account
-
Dr Trade Payable Account Cr Purchases Returns Account
Question 4
Question
Which of the following is not a liability?
Answer
-
Loan
-
Bank Overdraft
-
Trade Receivable
-
Mortgage
Question 5
Question
A 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:
Answer
-
Dr Capital Cr Typewriter
-
Dr Drawings Cr Typewriter
-
Dr Typewriter Cr Drawings
-
Dr Typewriter Cr Capital
Question 6
Question
Sale of inventory on credit to L Parker should be recorded as:
Answer
-
Dr Sales Cr L Parker
-
Dr Sales Cr Profit and Loss
-
Dr L Parker Cr Sales
-
Dr Inventory Cr Sales
Question 7
Question
What is the closing balance on the following account as at 31 March 201X?
Answer
-
$225 Debit
-
$225 Credit
-
$300 Credit
-
$300 Debit
Question 8
Question
A furniture retailer buys tables for cash for use in the head office. What entry would record this correctly in the accounts?
Answer
-
Dr Purchases Cr Cash
-
Dr Cash Cr Purchases
-
Dr Office Furniture Cr Cash
-
Dr Cash Cr Office Furniture
Question 9
Question
Which of the following is not correct?
Answer
-
Capital Assets Liabilities $2,194 $5,435 $3,241
-
Capital Assets Liabilities $6,316 $8,771 $2,455
-
Capital Assets Liabilities $6,413 $9,885 $3,472
-
Capital Assets Liabilities $6,754 $11,324 $4,560
Question 10
Question
Machinery 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:
Answer
-
Dr Machinery Cr Lander Ltd
-
Dr Lander Ltd Cr Purchase returns
-
Dr Purchase Returns Cr Lander Ltd
-
Dr Lander Ltd Cr Machinery
Want to create your own Quizzes for free with GoConqr? Learn more.