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- 1. Multiple Choice
Which of the following items is an incorrect title in the Accounts Receivable Ledger
Bank/Discount Expense
Sales Returns/GST Clearing
Cost of Sales
Sales/GST Clearing
- 2. Multiple Choice
Which of the following items would not appear on the credit side of the Inventory Account
Cost of Sales
Accounts Payable
Bank
Advertising
- 3. Multiple Choice
Which of the following titles is incorrect in the Accounts Payable Ledger
Inventory/GST Clearing
Bank/Discount Revenue
Purchase Returns/GST Clearing
Bank
- 4. Multiple Choice
Which of the following titles would not appear in the Accounts Receivable Account
Sales Returns/GST Clearing
Bad Debts
Sales/GST Clearing
Bank
- 5. Multiple Choice
Which of the following titles would not appear in the Inventory Account
Drawings
Cost of Sales
Advertising
Accounts Receivable
- 6. Multiple Choice
Which of the following titles would not appear in the Inventory Account
Cost of Sales
Accounts Payable
Bank
Sales
- 7. Multiple Choice
Which of the following items would appear on the Debit side of the GST Clearing Account if an amount was owed to the ATO
Accounts Payable/Bank/Bank/Accounts Receivable
Accounts Payable/Bank/Accounts Receivable/Accounts Payable
Accounts Receivable/Accounts Payable/Bank/Bank/Accounts Receivable
Accounts Payable/Bank/Bank/Balance
- 8. Multiple Choice
Select the correct set of titles to be recorded in the credit side of the Inventory Account
Bank/Accounts Payable/Cost of Sales/Inventory Gain
Bank/Accounts Payable/Cost of Sales/Inventory Loss/Inventory Write Down
Bank/Accounts Payable/Cost of Sales/Inventory Loss/Inventory Write Down/Advertising/Drawings
Accounts Payable/Cost of Sales/Inventory Loss/Inventory Write Down/Advertising/Drawings
- 9. Multiple Choice
Which of the following items would NOT appear in the P/L Summary account
Capital
Net Profit
Revenues
Expenses
- 10. Multiple Choice
Which of the following would be the correct entries for the credit side of the inventory account
Bank/Accounts Payable/Cost of Sales/Advertising/Drawings/Inventory Loss/Inventory Write Down
Bank/Accounts Receivable/Cost of Sales/Advertising/Drawings/Inventory Loss/Inventory Write Down
Accounts Payable/Cost of Sales/Advertising/Drawings/Inventory Loss/Inventory Write Down
Accounts Payable/Cost of Sales/Accounts Receivable/Advertising/Drawings/Inventory Loss/Inventory Write Down
- 11. Multiple Choice
Which of the following are incorrect titles in the Disposal of Van account
Accumulated Depreciation
Trade-in
Loss on Disposal
All of the above
- 12. Multiple Choice
A bad debt has been written off during the period as the Accounts Receivable has been declared bankrupt. The correct entry in the Allowance for Doubtful Debts ledger would be
Credit: Bad Debts
Debit: Accounts Receivable/GST Clearing
Debit: Bad Debts
Debit: Accounts Receivable
- 13. Multiple Choice
What credit entry is required when the business writes off a bad debt
Bad Debts
Accounts Receivable
Doubtful Debts
Allowance for Doubtful Debts
- 14. Multiple Choice
When creating an allowance for doubtful debts what is the debit entry in the General Journal
Bad Debts
Accounts Receivable
Allowance for Doubtful Debts
Doubtful Debts
- 15. Multiple Choice
What is the debit entry required to recognize Unearned Sales Revenue as being earned
Bank
Unearned Revenue
Unearned Sales Revenue
Sales
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