F4 Revision

An asset has a _____ balance

• Debit

• Credit

A liability/capital has a ______ balance

• Debit

• Credit

The balance at the beginning of the year is called

• Balance b/d

• Balance c/d

The balance at the end of the year is called

• Balance b/d

• Balance c/d

When a buyer sells goods they issue a/an

• Debit note

• Credit note

• Invoice

• Statement of account

Which document summarises all the transactions that happened within a particular year?

• Debit note

• Credit note

• Statement of account

• Invoice

The book that records all money coming into and leaving a business is called the

• Ledger

• Cashbook

• Invoice

• Statement of account

If I purchase a new machine using the funds in my bank account. Which account will I debit?

• Bank

• Machine

• Purchases

• Capital

When the owner puts money into the business which account is credited?

• Capital

• Bank

• Drawings

• Revenue

Which of the following, will have a credit balance?

• Machinery

• Purchases

• Sales

• Drawings