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d) reversing entries are made on the last day of the financial year. Q20. Which of the following is a common inventory system used by retailers? a) Period Stock Verification System b) Perpetual Inventory sysien d) Radio Frequency Identification System Q21. What is the closing entry for drawings made by owner? a) Debit to Bank, credit to drawings b) Debit to Drawings, credit to profit or loss account c) Debit to owner's capital account, credit to drawings account d) Debit Bank, credit to owner's capital account. At the end of the accounting period, Super Duper Plc omitted a payment of interest due to the bank for a loan. The adjusting entry is which of the following? a) Debit bank b) Debit to ha erest expense, credit to cash Q22. pense, credit to interest payable account c) Debit to est payable account, credit to interest expense account Debit to interest expense account, credit to cash account d) Goods used in the generation of revenue is reported in the balance sheet as: Q23. current asset short term investment a b) Non-current assets d) Property, Plant and equipment Q24. Bailey Ltd sold goods to Andrews Ltd for $1000. Andrews Ltd paid the account 28 days later. Ignoring GST, the correct entry in Bailey Ltd's books to record the payment by Andrews Ltd is: a) DR Accounts receivable $1000; CR Sales $1000 b) DR Cash at bank $1000; CR Accounts receivable $1000 c) DR Accounts receivable $1000; CR Equity $1000 d) DR Cash at bank $1000; CR Sales $1000 James Ltd sold goods to Cameron Ltd on credit for $2 500. Ignoring GST and Cost of Sales, the correct accounting entry to record this transaction in James Ltd's books is: a) DR Accounts receivable $2500; CR Sales $2500 b) DR Sales $2500; CR Accounts receivable $2500 c) DR Bank $2500; CR Sales $2500 d) DR Sales $2500; CR Cost of sales $2500 Q25. Under the perpetual inventory system, what is the entry to record the cost price of goods sold for cash? a) DR Cost of sales, CR Inventory, CR GST receivable b) DR Inventory, CR Cost of sales c) DR Cost of sales, CR Inventory d) DR Cost of sales, CR Purchases Q26. eose