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is used to record Cash & Bank accounts > Cash book General Ledger Private Ledger Sales Ledger
Trang 3credit transfer
deposit
14 ‘Balance sheet’ is
> a type of financial statement record of transactions by categories
resources or items owned by the business
the amount of the owner’s stake in the business
15 ‘Capital’ is
> the amount of the owner's stake in the business record of transactions by categories
resources or items owned by the business a type of financial statement 16.4 types of personal accounts include capital, supplier, customer, and > drawings bank cash sales 17.A is Someone who owes you money after you sell him/ her on credit > debtor creditor liabilities loan 18.A is someone to whom you owe money after you buy on credit > Creditor Debtor Liabilities Loan 19.A general term for amounts owing to persons other than the owner is > liabilities creditor loan reditordebtor
20 According to double-entry rules, if a liability decreases, > Liability account will be debited
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Liability account will be debited and credited Liability account will be debited or credited
21.According to double-entry rules, if an asset increases,
> asset account will be debited asset account will be credited
asset account will be debited and credited asset account will be debited or credited
22 Book-keeping entries relating to Cash Purchases are: > debit purchases account & credit Cash/ Bank account debit purchases account & debit Cash/ Bank account credit purchases account & debit Cash/ Bank account credit purchases account & credit Cash/ Bank account
23 Book-keeping entries relating to Cash Sales are:
> debit Cash/ Bank account & credit Sales account credit Cash/ Bank account & credit Sales account credit Cash/ Bank account & debit Sales account debit Cash/ Bank account & debit Sales account
2A Book-keeping entries relating to Credit Purchase are:
> debit purchases account & credit supplier s (creditor s) account credit purchases account & credit supplier’s (creditor's) account credit purchases account & debit supplier’s (creditor's) account debit purchases account & debit supplier’s (creditor's) account
25 Book-keeping entries relating to Credit Sales are:
> debit customer’s (debtor's) account & credit sales account credit customer's (debtor's) account & credit sales account credit customer's (debtor’s) account & debit sales account debit customer’s (debtor’s) account & debit sales account
26 Book-keeping entries relating to Payment received from debtor are: > debit bank/ cash account & credit debtor’s account
credit bank/ cash account & credit debtor’s account credit bank/ cash account & debit debtor’s account debit bank/ cash account & debit debtor's account
27 Book-keeping entries relating to Payment to creditor are:
Trang 5credit creditor's account & debit bank/ cash account debit creditor's account & debit bank/ cash account
28 Book-keeping entries relating to Purchases Returns are:
> credit Returns Outwards account & debit supplier’s (creditor's) account credit Returns Inwards account & debit debtor’s account
debit Returns Inwards account & credit debtor’s account
debit Returns Outwards account & credit supplier’s (creditor's) account 29 Book-keeping entries relating to Sales Returns are:
> debit Returns Inwards account & credit debtor’s account credit Returns Inwards account & debit debtor's account
credit Returns Outwards account & debit supplier’s (creditor's) account debit Returns Outwards account & credit supplier's (creditor's) account
30 Calculate Current Liabilities from the following details: Fixed assets: £53,000; Current
assets: £28,500; Capital: £ 66,500; Long-term liabilities: £8,300 > £6,700 £23,300 £74,800 £81,500 31 Calculate Gross Profit from the following details: Cost of goods sold: £15,200; Sales £23,700, Returns Inwards £1,420 > £7,080 £22,280 £8,500 £9,920
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34 Calculate Net profit from the following details: Total of Capital at the end of period:
£62,000; capital at the beginning of period: £48,000; Drawings: £2,420 > £16,420 £11,580 £14,000 £40,600
35 Calculate the Fixed Assets from the following details: Total of assets: £73,600; Stock £2,200, Debtors: £2,800, Cash: £ 3,240, Bank: £21,300 > £44,060 £40,060 £40,600 £44,600
36 Calculate the total of Assets from the following details: Fixed assets: Furniture and fittings: £12,000; Motor vehicle: £7,000 - Current assets: Stock £2,200, Debtors: £1,850, Cash: £ 3,410, Bank: £13,000 > £39,460 £19,000 £20,460 £32,460 37 From Sales Day book, detail is transferred monthly to Sales account in > General Ledger Cash book Purchases Ledger Sales Ledger 38 From Sales Day book, detail is transferred promptly to account in Sales Ledger > Debtor's Cash/ Bank Creditor’s Sales
39 From the transaction below: ‘A Smith owed the business £1,500 for the goods sold to him on May 10, Year 2 The terms of sale allow for 3% cash discount for payment within 7 days On May 15, Year 2, A Smith paid his debt by cheque.’What entries in the cash book are necessary for this transaction?
Trang 7Dr Discount allowed £45 & Cr Bank £1,455 Cr Discount allowed £45 & Cr Bank £1,455
40 From the transaction below: ‘A Smith owed the business £1,800 for the goods sold to him & he paid his debt within required time; hence 3% cash discount was given to him’ How much cash discount was given to him? > £54 £1,756 £1,800 £1,746
41 From the transaction below: ‘A Smith owed the business £1,800 for the goods sold to him
& he paid his debt within required time; hence 3% cash discount was given to him’ How much did A Smith actually pay? > £1,746 £1,756 £1,800 £54
42.From the transaction below: ‘A Smith owed the business £1,800 for the goods sold to him & he paid his debt within required time; hence 3% cash discount was given to him’.What
kind of discount is it? > discount allowed Cash discount discount received Trade discount
43.From the transaction below: ‘Credit sale to P Starkey at list price of £360, subject to 15% trade discount’ How much discount will be given to P Starkey? > £54 £306 £316 £360
44.From the transaction below: ‘Credit sale to P Starkey at list price of £360, subject to 15%
trade discount’ How much will be recorded into accounts? > £306
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45.From the transaction below: ‘The business owed L Turner £2,000 for the goods bought from May 20th Year 2 By paying by cheque within a specified time (May 23, Year 2), the business can receive a cash discount of 5%’ What entries in the cash book are necessary for this transaction?
> Cr Discount received £100 & Cr Bank £1,900 Cr Discount received £100 & Dr Bank £1,900
Dr Discount received £100 & Cr Bank £1,900
Dr Discount received £100 & Dr Bank £1,900
46.From the transaction below: “You owed A John, a creditor £2,000 for the goods bought from him & you paid your debt within required time; hence 3% cash discount was received’ How much cash discount did you received? > £60 £1,960 £2,000 £1,940
47.From the transaction below: “You owed A John, a creditor £2,000 for the goods bought from him & You paid your debt within required time; hence 3% cash discount was received’ How much did you have to pay? > £1,940 £1,960 £2,000 £60
48.From the transaction: ‘Credit purchase from A John at list price of £880, subject to 20%
trade discount’ How much discount will the business receive? > £176 £167 £704 £880
49.From the transaction: ‘Credit purchase from A John at list price of £880, subject to 20% trade discount’ How much will the business record into Day book? > £704 £176 £740 £880
Trang 9> £189 £210 £36 £4
51 From the transaction: ‘Credit purchase from S Letts at list price of £250, subject to 10% trade discount; then return goods to S Letts at list price £40’ How much will the business record in Return Outwards account? > £36 £210 £4 £40
52 From the transaction: ‘Credit purchase from S Letts at list price of £250, subject to 10% trade discount’ In what Day book and what accounts will it be recorded & How much will it be recorded?
> Purchases Day book; Dr Purchases £225 ; Cr S Letts £225 Purchases Day book; Dr Purchases £250 ; Cr S Letts £250 Sales Day book; Dr S Letts £225 ; Cr Sales £225
Sales Day book; Dr S Letts £250 ; Cr Sales £250
53 From the transaction: ‘K Devine returns to us goods with a list price of £150 No discount was previously made.’ In what accounts will it be recorded?
> Dr Returns Inwards £150 & Cr K Devine £150 Cr K Devine £150 & Dr Returns Outwards £150 Cr Returns Inwards £150 & Dr K Devine £150 Dr K Devine £150 & Cr Returns Outwards £150
54 From the transaction: ‘Return goods to S Letts at list price £40’ In what Day book and what accounts will it be recorded?
> Returns Outwards Day book; Dr S Letts a/c & Cr Returns Outwards a/c
Returns Inwards Day book; Dr Purchases a/c & Cr S Letts Returns Inwards Day book; Dr Returns Inwards a/c & Cr S Letts
Returns Outwards Day book; Dr Returns Outwards a/c & Cr S Letts a/c
55 From the transaction: ‘S Smart —a debtor returned goods to the business’ In what accounts & what ledger will it be recorded?
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56 How is ‘Carriage inwards’ treated in final accounts?
> Carriage inwards is deducted in the amount of Purchases Carriage inwards is added to the amount of Purchases Carriage inwards is deducted in amount of Sales Carriage inwards is added into expense column
57 How is ‘Carriage Outwards’ treated in final accounts? > Carriage inwards is added into expense column Carriage inwards is added to the amount of Purchases Carriage inwards is deducted in amount of Sales
Carriage inwards is deducted in the amount of Purchases
58 How is ‘Carriage Outwards’ treated in final accounts? > Carriage outwards is added into expense column Carriage outwards is added to the amount of Purchases Carriage outwards is deducted in amount of Sales
Carriage outwards is deducted in the amount of Purchases
59.In the accounting equation,
> The two sides will always be equal to one another The two sides will never be equal to one another
Total of assets is always bigger than total of capital and liabilities Total of assets is always smaller than total of capital and liabilities
60 In the following transaction: ‘The owner puts a further amount into the business by cheque’, which account is debited and which account is credited?
> debit bank account & credit capital account debit bank account & credit the owner’s account debit the owner’s account & credit bank account debit the owner’s account & credit capital account
61.In the transaction ‘wages of £40 are paid in cash’, which entries are correct? > Dr wages account £40 & Cr Cash account £40
Cr wages account £40 & Cr Cash account £40 Cr wages account £40 & Dr Cash account £40 Dr wages account £40 & Dr Cash account £40
62 In the transaction below: “You owed A John, a creditor for the goods bought from him & you paid your debt within required time; hence A John gave you cash discount’ What kind of discount is it?
Trang 11discount allowed Trade discount
63.In the transaction, ‘Goods sold for £210 on credit to T Smith’, which entries are correct?
> Dr T Smith £210 & Cr Sales £210
Dr Sales £210 & Cr Bank £210
Dr Sales £210 & Cr T Smith £210 Dr Bank £210 & Cr Sales £210
64 In the transaction: ‘Cash sale £1,410, in which £410 was received in cash’ What entries in the Cash book are done?
> Dr Cash £410 & Dr Bank £1,000 Dr Cash £1,410
Dr Cash £410
Cr Cash £410 & Cr Bank £1,000
65.In the transaction: ‘Paid £442 in cash to A Dobbs in settlement of a debt of £450’ What
entries in the Cash book are done?
> Cr Discount received £8 & Cr Cash £442 Cr Cash £442
Cr Discount allowed £8 & Cr Cash £442 Dr Cash £442
66 In the transaction: ‘Received a cheque of £1,200 from A Smart in full settlement of debt of
£1,212’ What entries in the Cash book are done? > Dr Discount allowed £12 & Dr Bank £1,200 Cr Discount received £12 & Dr Bank £1,200 Dr Bank £1,200
Dr Discount allowed £12 & Dr Bank £1,212
67 In the transaction: ‘Withdrew £420 from bank to make cash in office’ What entries in the
Cash book are done?Nếu vụ án không thuộc tham quyền của mình thì Tòa án phải trả hồ
sơ cho Viện kiểm sát
> Cr Bank £420 & Dr Cash £420
Cr Bank £420 & Cr Cash £420
Dr Bank £420 & Cr Cash £420 Dr Bank £420 & Dr Cash £420
68 The account ‘Bank’ has 3 transactions during July, Year 4, including 1 debit entries with £2,000 and 2 credit entries with £170 and £240 How much is the balance of this account at the end of July, Year 4?
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£1,590 Cr £1,690 Cr £1,690 Dr
69 The account ‘Bank’ has 3 transactions during July, Year 4, including 1 debit entries with
£5,000 and 2 credit entries with £170 and £240 How much is the balance of this account at the end of July, Year 4? > £1,590 Dr £1,590 Cr £1,690 Cr £1,690 Dr
70 The account ‘T Dove’ has 4 transactions during May, Year 4, including 2 debit entries with £150 & £80 and 2 credit entries with £170 and £35 How much is the balance of this account at the end of May, Year 4? > £25 Dr £25 Cr £35 Cr £35 Dr
71.The account ‘T Smith’ has 4 transactions during July, Year 4, including 2 debit entries with £50 & £80 and 2 credit entries with £170 and £230 How much is the balance of this
account at the end of July, Year 4? > £270 Cr
£170 Dr £170 Cr £270 Dr
72 The capital equation is:
> Assets less liabilities equals capital Assets equals capital and liabilities Capital equals assets less liablities Liabilities equals assets less capital
Trang 1374 The following detail appears in the Purchases Day Book: “T Smith56/637£656’To what accounts & Ledgers will this detail be transferred?
> T Smith a/c in Purchases Ledger; Purchases a/c in General Ledger T Smith a/c and Purchases a/c in General Ledger
T Smith a/c and Purchases a/c in Purchases Ledger
T Smith a/c in General Ledger; Purchases a/c in Purchases Ledger
75 The formula for Cost of goods sold is:
>» Opening stock+Purchases+Carriage inwards-Returns outwards-Closing stock Opening stock+Purchases+Carriage inwards+Returns outwards —Closing stock Opening stock+Purchases-Carriage inwards-Returns outwards —Closing stock Opening stock+Purchases-Carriage inwards-Returns outwards —Closing stock
76 The invoice gives details of
> Both Trade discount and Cash discount Cash discount
Discount allowed Trade discount
77 The main difference between ‘Expenses’ and ‘Drawings’ is that
> ‘Expenses’ is the costs of running a business and ‘Drawings’ is withdrawals from a business by the owner for his private use
‘Drawings’ is the costs of running a business and ‘Expenses’ is withdrawals from a business by the owner for his private use
‘Expenses’ is the costs of running a business and ‘Drawings’ is withdrawals from a business by the owner for both his private use and business’ use
‘Expenses’ is the costs of running a business and ‘Drawings’ is withdrawals from a business by the owner for the business’ use
78 The term ‘account’ means
> a record of transactions by category (purchases, for example), or by person or organization
person (or business) to whom money is owed by the business
person (or business) who owes money for goods or services supplied by the business taking an ownership of an asset now, but paying for it at later stage
79 The term ‘Drawings’ means
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services
withdrawals from a business by the owner for the use of both the owner and the business: in cash or goods/ services
80 The term ‘Transaction on credit’ means
> taking an ownership of an asset now, but paying for it at later stage person (or business) to whom money is owed by the business
person (or business) who owes money for goods or services supplied by the business a record of transactions by category (purchases, for example), or by person or organization 81 The total of discount received column in the cash book will be transferred to Ledger > General Private Purchases Sales 82 The word in the heading of the balance sheet is linked to the idea of the snapshot photograph > at equal month with
83 T-type Ledger accounts has the following format:
> two-sided account with debit side on the left and credit side on the right One-sided account only with debit side
two-sided account with credit side on the left and debit side on the right one-sided account only with credit side
84 When you received money from debtors who pay their debts within required time, the discount you give him is called > discount allowed cash discount discount received trade discount
85 Where balances are carried forward from one page to the next, ‘balance "would appear at the bottom of one page and ‘balance ' at the top of the next page
Trang 15c/d — b/d b/d - c/d 86 Which account below is close off to Profit and Loss account? > Carriage Outwards Carriage Inwards Purchases Sales 87.Which account below is close off to Trading account? > Carriage Inwards Carriage Outwards Rent Salaries 88 Which item below is not an asset? > Creditor Cash Debtor Motor vehicle 89 Which item below is not an expense? > rent receivable insurance rent payable wages, salaries
90 You are presented with the following data:Assets 13,970Capital 2,394Liabilities
11,576What comment would you make?
> the two sides are not equal One figure must be incorrect Capital is correct
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