3758938
Description
Quiz by dmartin9940, updated more than 1 year ago
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Created by dmartin9940
about 9 years ago
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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
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$5,460
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$4,900
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$5,180
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$5,000
Question 2
Question
Which of the following would not be classified as an asset?
Answer
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Premises
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Money owed by us to a supplier
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Cash in hand
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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
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Dr Trade Payable Account Cr Purchases Account
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Dr Trade Payable Account Cr Sales Returns Account
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Dr Bank Cr Purchases Returns Account
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Dr Trade Payable Account Cr Purchases Returns Account
Question 4
Question
Which of the following is not a liability?
Answer
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Loan
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Bank Overdraft
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Trade Receivable
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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
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Dr Capital Cr Typewriter
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Dr Drawings Cr Typewriter
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Dr Typewriter Cr Drawings
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Dr Typewriter Cr Capital
Question 6
Question
Sale of inventory on credit to L Parker should be recorded as:
Answer
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Dr Sales Cr L Parker
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Dr Sales Cr Profit and Loss
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Dr L Parker Cr Sales
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Dr Inventory Cr Sales
Question 7
Question
What is the closing balance on the following account as at 31 March 201X?
Answer
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$225 Debit
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$225 Credit
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$300 Credit
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$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
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Dr Purchases Cr Cash
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Dr Cash Cr Purchases
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Dr Office Furniture Cr Cash
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Dr Cash Cr Office Furniture
Question 9
Question
Which of the following is not correct?
Answer
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Capital Assets Liabilities $2,194 $5,435 $3,241
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Capital Assets Liabilities $6,316 $8,771 $2,455
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Capital Assets Liabilities $6,413 $9,885 $3,472
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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
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Dr Machinery Cr Lander Ltd
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Dr Lander Ltd Cr Purchase returns
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Dr Purchase Returns Cr Lander Ltd
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Dr Lander Ltd Cr Machinery
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