End of Term POA

A __________ amount will appear on the left side of a T-account.

• Credit

• Debit

An Asset is:

• Refers to items that are owned

• Refers to amounts that are owed to others

• Refers to amounts earned

Expenses are those items that are:

• Direct costs for producing goods

• Costs associated with operating a business

• All the company outflows

Which of the following documents authorizes the purchase transaction?

• Credit memo from supplier

• Invoice or bill from supplier

• Purchase order

• Purchase requisition

What is meant by accounts receivable?

• Money owed to a company by its debtors

• Money owed by a company to its creditors

• Money owed to a company by its employees

• Money owed by a company to its vendors

Complete the following statement . Assets =

• Owners equity +liabilities

• Bank + Owners equity

• Liabilities +Bank

Car is bought on credit from a supplier.

Which of A, L, or O/E is not part of the transaction?

• EQUITY

• ASSETS

• LIABILITIES

Double entry in accounting means there must be________ entries for every transaction?

• two

• Three

• six

• one

A general Leger/T) has a ______ and _______ side.

• cash receipt and debtors

• debit and payments

• debit and credit

• creditors and debtors

Assets increase on the ________ side?

• subsidiary

• T-account

• credit

• debit