Double Entry Book-Keeping MCQs with Answers
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Double Entry Book-Keeping MCQs with Answers
- This Quiz is related to Double Entry Book-Keeping ( Based on different books & past papers) – Quiz # 1 in this series
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A company's ___________ ledger contains all of the accounts such as Rent Expense, Supplies, and Interest Payable.
A debit will cause the balance in a liability account to :
In a manual bookkeeping system, each amount in a journal is posted to an _____________.
Because at least two accounts are involved in every transaction, the bookkeeping system is referred to as _________ entry bookkeeping.
When a check is written, the company's Cash account should be :
When cash is received, the company's Cash account should be:
A _________ entry is entered on the left side of an account.
Accounting _____________ has made the recording of transactions much more efficient.
Historically, the final step of the _______________'s responsibilities was to prepare a trial balance.
Accounting software has eliminated many of the math and recording ________ that were common with a manual system.
The accounting entries for recording £100,000 cash introduced by the owner of a business are:
All cash receipts are debited to the Cash account. If the cash is provided by the owner then it is posted to a Capital account. An Investment account is normally used when a business invests surplus funds in an investment when we would credit cash and debit the investment. The receipt of cash from the Investment account would be recorded as “Debit Cash account and Credit Investments account.“
As the Bookkeeper, identify the account to which you will post the following transactions recorded by the Cashier in the Cash account: d) £400 paid for servicing the business’s lorry.
The servicing payment would be posted to the Vehicle maintenance account. The Motor vehicle account is used to record the acquisition of vehicles for use within the business. An account headed General expenses would not provide sufficient detail t show why a payment has been made.
A typical entry in the account Wages Expense will be a :
A journal _________ includes the date, accounts, and amounts.
Accounting entries for recording the payment of a telephone bill are:
All cash payments are credited in the Cash account. As the payment for the use of the telephone it is an expense and would be debited to the Telephone expenses account. The Office Equipment account is used to record non-current assets that will be used within the business.
A _________ entry is entered on the right side of an account.
In a manual bookkeeping system, transactions are first recorded in a __________.
A typical entry in the account Sales will be a :
As the Bookkeeper, identify the account to which you will post the following transactions recorded by the Cashier in the Cash account: e) £10,000 received as capital from Joe Gardiner, the proprietor of the shop.
Resources by the owner(s) of a business are normally posted to an account headed Capital account. For companies there is a statutory requirement to use the heading Capital account.
An internal document that is prepared to prove that the total of all the debit balances is equal to the total of all the credit balances is a __________.
MCQs related to Financial Accounting might be you interested in the following:
- Chapter 1: The need for accounting & Introduction to Accounting
- Chapter 2: Accounting for cash
- Chapter 3: The double-entry accounting system
- Accounting Equation
- Chapter 4: Statement of financial position and Statement of income
- Chapter 5: Accounting for credit transactions
- Chapter 6: Inventories, profit margin, and gross profit ratio
- Chapter 7: Accruals, prepayments, depreciation, and bad debts
- Chapter 8: Disposal, revaluation, and impairment of non-current assets
- Chapter 9: Accounting for limited companies
- Chapter 10: Incomplete records / Single Entry Book Keeping System
- Chapter 11: Statements of cash flows
- Chapter 12: Accounting ratios and interpretation of financial statements
- Chapter 13: Consolidation of financial statements
- Chapter 14: Accounting for partnerships
- Chapter 15: Bank account and bank reconciliation
- Chapter 16: The Journal, Ledger and Trial Balance
- correction of errors / Rectification of Errors
- Chapter 17: Control accounts
- Chapter 18: Accounting for sales tax (VAT) and payroll
- Chapter 19: Conceptual framework of accounting
- Chapter 20: Revenue recognition
- Chapter 21: Accounting for tangible non-current assets
- Chapter 22: Accounting for intangible non-current assets and government grant
- Chapter 23: Liabilities, Provisions. Contingencies and Events after the Reporting Date
- Chapter 24: Not for Profit Organizations / Non-Trading Organizations
- Chapter 25: Bills of Exchange
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