Book-keeping entries relating to Credit Purchase are:
A. credit purchases account & credit supplier’s (creditor’s) account
B. debit purchases account & debit supplier’s (creditor’s) account
C. debit purchases account & credit supplier’s (creditor’s) account
D. credit purchases account & debit supplier’s (creditor’s) account
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.
A. b/f – c/f
B. c/d – b/d
C. c/f – b/f
D. b/d – c/d
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?
A. £1,690 Cr
B. £1,690 Dr
C. £1,590 Cr
D. £1,590 Dr
The difference between current account and deposit account is that current account is used for ............ banking and withdrawal of money, and in deposit account withdrawals will be .............
A. regular/ infrequent
B. regular/ regular
C. infrequent/ infrequent
D. infrequent/ Regular
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?
A. £270 Dr
B. £170 Cr
C. £270 Cr
D. £170 Dr
............. accounts are individual accounts of debtors and creditors.
A. nominal
B. impersonal
C. personal
D. real
4 types of personal accounts include capital, supplier, customer, and ..........
A. cash
B. drawings
C. bank
D. sales
.................. account is used for regular banking and withdrawal of money.
A. cheque
B. credit transfer
C. deposit
D. current
.............. Ledger is used to record creditor accounts
A. Purchases
B. Sales
C. Private
D. General
.............. Ledger is used to record debtor accounts
A. Purchases
B. Sales
C. General
D. Private
Book-keeping entries relating to Cash Purchases are:
A. credit purchases account & debit Cash/ Bank account
B. credit purchases account & credit Cash/ Bank account
C. debit purchases account & debit Cash/ Bank account
D. debit purchases account & credit Cash/ Bank account
In the transaction ‘wages of £40 are paid in cash’, which entries are correct?
A. Dr wages account £40 & Dr Cash account £40
B. Cr wages account £40 & Cr Cash account £40
C. Cr wages account £40 & Dr Cash account £40
D. Dr wages account £40 & Cr Cash account £40
Book-keeping entries relating to Payment received from debtor are:
A. credit bank/ cash account & debit debtor’s account
B. credit bank/ cash account & credit debtor’s account
C. debit bank/ cash account & debit debtor’s account
D. debit bank/ cash account & credit debtor’s account
Book-keeping entries relating to Cash Sales are:
A. credit Cash/ Bank account & debit Sales account
B. debit Cash/ Bank account & credit Sales account
C. credit Cash/ Bank account & credit Sales account
D. debit Cash/ Bank account & debit Sales account
Book-keeping entries relating to Purchases Returns are:
A. credit Returns Outwards account & debit supplier’s (creditor’s) account
B. debit Returns Inwards account & credit debtor’s account
C. debit Returns Outwards account & credit supplier’s (creditor’s) account
D. credit Returns Inwards account & debit debtor’s account
