Accounting Chapter 7 -  Past Year MCQ

Accounting Chapter 7 - Past Year MCQ

10 Qs

quiz-placeholder

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Accounting Chapter 7 -  Past Year MCQ

Accounting Chapter 7 - Past Year MCQ

Assessment

Quiz

others

Hard

Created by

Justin Wye

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ali receives a cheque from Hassan, a debtor, in payment for goods purchased by Hassan on credit. Where will Ali enter this payment?
cash book and sales ledger
cash book and purchases ledger
nominal ledger and sales ledger
nominal ledger and purchases ledger

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is both a book of prime (original) entry and a part of the ledger?
cash book
journal
purchases journal D
sales journal

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The total of the purchases returns journal for September is $1400. How is this posted in the general ledger?
credit purchases $1400
debit purchases $1400
credit purchases returns $1400
debit purchases returns $1400

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account is found in the purchases ledger?
purchases
purchases returns
XY – a supplier
WZ – a customer

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where are the personal accounts of trade customers found?
purchases journal
purchases (creditors) ledger
sales journal sales (debtors) ledger
sales (debtors) ledger

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business buys goods for cash which are intended for resale. In which book of prime (original) entry is the transaction entered?
cash book
journal
purchases journal
sales journal

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which transaction will be recorded in both the nominal (general) ledger and the purchases (creditors) ledger?
purchase of goods by cheque
purchase of stationery in cash
return of goods by a customer
return of goods to a supplier

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