Accounting equation and double entry

Quiz by Wan Marini Izayu Mahat

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12 questions
• Q1

Accounting equation can be written as:

Assets - Liabilities - Opening capital + Drawings = Profit

Assets +Profit - Drawings = Liabilities + Capital

Assets + Profit - Drawings + Liabilities = Closing capital

Assets = Opening capital + Profit - Drawings - Liabilities

120s
• Q2

A business can make a profit and yet have a decreased bank balance. Which of the following might cause this to happen?

The sale of non-current assets at loss

The lengthening of the period of credit given to customers

The charging of depreciation in the statement of profit or loss

The lengthening of the period of credit taken from suppliers

120s
• Q3

A sole trader purchases goods on credit.

Which element(s) of the accounting equation will change due to this transaction?

Assets only

Assets and capital

Capital and liabilities

Assets and liabilities

120s
• Q4

A sole trader borrows £10,000 from a bank.

Which element(s) of the accounting equation will change due to this transaction?

Assets and capital

Capital and liabilities

Assets and liabilities

Assets only

120s
• Q5

A sole trader sells goods for credit at a profit of £300.

Which element(s) of the accounting equation will change due to this transaction?

Capital and liabilities

Assets and liabilities

Assets and capital

Assets only

120s
• Q6

The following details are given:

PAYE payable                                                                                 £2,450

National insurance payable - employees'                      £1,350

- employer's                      £1,500

Net pay to employees                                                             £12,450

How much is the employees' gross wages?

£17,780

£27,450

£16,280

£12,450

120s
• Q7

Michael purchases goods on credit from John for £1000. £100 of these goods are defective and Michael returns them to John. What document would John issue to Michael in respect of the returned goods?

Invoice

Delivery note

Credit note

120s
• Q8

Which of the following documents are send out to credit customers to request payment?

Sales order

Goods delivery note

Sales invoice

Purchase invoice

120s
• Q9

Moana plc operates an imprest petty cash system. The imprest amount is £150. At the end of the period the totals of the expense columns in the petty cash book were as follows:

Stationery                £25

Postage                      £10

Travel                          £55

How much cash is required to restore the imprest amount?

£80

£90

£60

£35

120s
• Q10

The amount of petty cash spend for the month are as follows:

Petrol        £46

Postage    £22

How would you prepare a journal entry to reflect this transaction?

Debit Petty cash     £68

Credit Bank                £68

Debit Petrol      £46

Debit Postage  £22

Credit Petty cash        £68

Debit Petty cash     £68

Credit Petrol                 £46

Credit Postage             £22

Debit Bank             £68

Credit Petty cash     £68

120s
• Q11

On 1.1.20X9, £1,000 given to petty cashier, he has spent £860 during the month of January. According to the imprest system, how much is to be reimbursed on 1.2.20X9?

£1,860

£140

£860

£1,000

120s
• Q12

Petty cash may be used to pay for?

Purchases of furniture and fittings

Salaries to staff

All of the above

Expenses relating to post and telegrams

120s

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