19 questions
Q1. A business transaction is a:
Event that can be expressed using monetary terms.
Resource with monetary value.
Debts owned by the business to a person.
Credited resources to a bank account.
Q2. An asset is:
A resource owned by the business and holds monetary value.
Debts owned by the business to a person.
Creditors of a business.
Something expressed in terms of loss.
Q3. The records in a book of a business come under which correct categories?
Revenue
Owner's equity
Deferred payment
Expenses
Insurance
Q4. What is the accounting equation?
_____ = __________ + ___________
Q5. The owner's __________ can increase if additional capital is brought into the business.
Q6. What is a Double Entry System?
Q7. Accounting practice is based on the __________ concept.
Other
Duality
T-account
Accounting equation
None of the above
Q8. In an account, the debit side must always be _________ to the credit side.
Less than
More than
Equal to or more than
Equal to or less than
Equal
Q9. Where does the "T - Account Format" get its name from?
The name of the account starts with a "T'.
It resembles the alphabet "T".
People ran out of good names so they started using these weird letters for no reason.
"T"itle of account starts with a "T".
Q10. The left side of the "T" is called the Debit side, and the right side is called the _________ side.
Q11. Any increase in an asset account appears on the ________ side.
Debit
Credit
Q12. Any increase in a liability account appears on the ________ side.
Debit
Credit
Q13. Any decrease in a owners equity account appears on the ________ side.
Debit
Credit
Q14. "Bought a vehicle with a cheque amounting RM 1,000."
Identify the asset, liability or equity in each transaction .
Car and Cheque
Vehicle and Cheque
Car and Bank
Vehicle and Bank
None of the above
Q15. "Owner withdraws cash for personal use RM 10,000."
Identify the asset, liability and equity in each transaction below.
Asset: RM 10,000 & Owner's Equity: Bank
Asset: Capital & Owner's Equity: Drawings
Owner's Equity: Capital & Asset: Cash
Owner's Equity: Cash & Asset: Drawings
None of the above
Q16. "Bought furniture on credit from Furniture World RM 30,000."
Asset: Furniture, Liability: Furniture World
Is the following true?
True
False
Q17. ________ ledger records all the transactions involving customers who buy from the company on credit.
Q18. ________ ledger records all the transactions involving credit purchases from suppliers.
Q18. ________ ledger records all other transactions that do not involve sales or purchases.