Have an account?
Skip to Content
Build your own quiz
Suggestions for you
16 questions
Show Answers
See Preview
- 1. Fill in the Blank
Business paid for electricity $660 inclusive GST. Calculate GST.
- 2. Multiple Choice
Study the transactions in this ledger. What is the name of the ledger account?
GST Credits
GST Payable
GST Control
- 3. Multiple Choice
Which side of the ledger would increase an expense?
Debit
Credit
- 4. Multiple Choice
Which side of ledger would increase drawings?
Debit
Credit
- 5. Multiple Choice
Which side of the ledger would increase capital?
Debit
Credit
- 6. Multiple Choice
Which three accounts are balanced (bal c/d and b/d) at the end of the reporting period?
Income
Assets
Expenses
Equity
Liabilities
- 7. Multiple Choice
The ledger that is a summary of all income and expenses is the:
Capital
Equity
Profit and Loss
Income statement
Balance sheet
- 8. Multiple Choice
Drawings is classified as...
Expense
Negative Equity
Asset
Liability
- 9. Multiple Choice
Sales Returns ledger is closed to:
debit side of profit and loss ledger
credit side of profit and loss ledger
- 10. Fill in the Blank
Calculate the balance c/d b/d
- 11. Multiple Choice
The date of the balance b/d is:
31 January
1 February
- 12. Multiple Choice
Purchased inventory on credit $2,900 + $290 GST = $3,190. Choose the correct ledgers for this transaction.
- 13. Multiple Choice
Returned damaged inventory to creditor $60 + $6 GST write back = $66. Choose the correct ledgers for this transaction.
- 14. Multiple Choice
Sold good on credit $700 + $70 GST = $770. Cost of good sold is $350. Choose the correct ledgers for this transaction.
- 15. Multiple Choice
Debtor returned damage goods $77 + $7 GST write back = $77. Cost of good sold is $35. Choose the INCORRECT ledger for this transaction.
- 16. Multiple Choice
Select the accounts that are on the wrong side of the trial balance.
Computer
Drawings
GST Credits
GST Payable
Loan
- Answer choicesTagsAnswer choicesTags