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1 7 . What would have been the balance on the account of Koomson on 1 9 May 2 0 0 8 ? ( A
What would have been the balance on the account of Koomson on May A A debit balance of B A credit balance of C A debit balance of D A credit balance of What is the double entry rule for posting a transaction in the nominal accountledger A debit all expenses, cost and losses; credit all gains, profits and revenue B every debit entry must have a corresponding credit entry C every credit entry must have a corresponding credit entry D debit increase in assets, credit a decrease in assets Given an open debtors account of credit sales of cash sales of The closing account receivables will be A B C D A business had net assets of at January and December, of During the year, the proprietor introduced additional capital of and withdrew cash and goods to the value of What profit or loss was made by the business in A loss B C profits D profit A business had net assets of at January and December, of During the year, the proprietor introduced additional capital of and withdrew cash of per week. What profit or loss was made by the business in A Bloss C profit D profit Given the following, what is the amount of Capital? Assets: Premises ; Inventory ; Cash Liabilities: Accounts payable ; Loan from A Adams A B C D Of the following, which are incorrect? Account to be debited Account to be i Sold van for cash Cash Sales ii Bought stationery by cheque Stationery Bank iii Took cash out of business for Cash Drawings iv Paid general expenses by cheque General expenses Bank Aii and iv only Bi and ii only Ci and iii only Dii and iii only The descending order in which current assets should be shown in the balance sheet is A lnventory Accounts receivable, Bank, Cash B Cash, Bank, Accounts receivable, Inventory C Accounts receivable, Inventory, Bank, Cash D lnventory Accounts receivable, Cash, Bank Given these figures: Sales Opening inventory Closing inventory Purchases Carriage inwards the cost of goods sold figure is A B C D When Lee makes out a cheque for and sends it to Young, then Lee is known as A The payee B The banker C The drawer D The creditor cash taken from the cash till and banked is entered A Debit cash column : Credit bank column B Debit bank column : Credit cash column C Debit cash column : Credit cash column D Debit bank column : Credit bank column The total of the Sales Journal is entered on AThe credit side of the Sales Account in the General Ledger BThe credit side of the General Account in the Sales Ledger CThe debit side of the Sales Account in the General Ledger DThe debit side of the Sales Day Book Given a purchases invoice showing five items of each, less trade discount of per cent and cash discount of per cent, if paid within the credit period, your cheque would be made out for A B C D We originally sold items at each, less per cent trade discount. Our customer now returns of them to us What is the amount of credit note to be issued? A B C D
What would have been the balance on the account of Koomson on May
A A debit balance of
B A credit balance of
C A debit balance of
D A credit balance of
What is the double entry rule for posting a transaction in the nominal accountledger
A debit all expenses, cost and losses; credit all gains, profits and revenue
B every debit entry must have a corresponding credit entry
C every credit entry must have a corresponding credit entry
D debit increase in assets, credit a decrease in assets
Given an open debtors account of credit sales of cash sales of The closing account receivables will be
A
B
C
D
A business had net assets of at January and December, of During the year, the proprietor introduced additional capital of and withdrew cash and goods to the value of What profit or loss was made by the business in
A loss
B
C profits
D profit
A business had net assets of at January and December, of During the year, the proprietor introduced additional capital of and withdrew cash of per week. What profit or loss was made by the business in
A
Bloss
C profit
D profit
Given the following, what is the amount of Capital? Assets: Premises ; Inventory ; Cash Liabilities: Accounts payable ; Loan from A Adams
A
B
C
D
Of the following, which are incorrect?
Account to be debited Account to be i Sold van for cash Cash Sales ii Bought stationery by cheque Stationery Bank iii Took cash out of business for Cash Drawings iv Paid general expenses by cheque General expenses Bank
Aii and iv only
Bi and ii only
Ci and iii only
Dii and iii only
The descending order in which current assets should be shown in the balance sheet is
A lnventory Accounts receivable, Bank, Cash
B Cash, Bank, Accounts receivable, Inventory
C Accounts receivable, Inventory, Bank, Cash
D lnventory Accounts receivable, Cash, Bank
Given these figures: Sales Opening inventory Closing inventory Purchases Carriage inwards the cost of goods sold figure is
A
B
C
D
When Lee makes out a cheque for and sends it to Young, then Lee is known as
A The payee
B The banker
C The drawer
D The creditor
cash taken from the cash till and banked is entered
A Debit cash column : Credit bank column
B Debit bank column : Credit cash column
C Debit cash column : Credit cash column
D Debit bank column : Credit bank column
The total of the Sales Journal is entered on
AThe credit side of the Sales Account in the General Ledger
BThe credit side of the General Account in the Sales Ledger
CThe debit side of the Sales Account in the General Ledger
DThe debit side of the Sales Day Book
Given a purchases invoice showing five items of each, less trade discount of per cent and cash discount of per cent, if paid within the credit period, your cheque would be made out for
A
B
C
D
We originally sold items at each, less per cent trade discount. Our customer now returns of them to us What is the amount of credit note to be issued?
A
B
C
D
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