Bookkeeping in Business Studies

The double entry principle states that debit the receiver and......?

• Credit the creditor

• Debit the creditor

• Credit the giver

• Debit the giver

Sales journal is used to record good sold on......

• Cash

• Credit

• Transit

• Discount

The total of sales journal is usually transferred to the......of the sales ledger

• Debit side

• Both sides

• Single side

• Credit

The principles of double entry states that for every debit entry, there must be a...... entry and vice versa

• Debit

• Folio

• Credit

• Posting

If Emmanuella sold goods to Posi at #125,000 with a trade discount of 25%. How much is the balance of Posi?

• #93,750

• #31,150

• #93,075

• #93,570

Cash discount is given to customer for

• Prompt payment

• Business transaction

• Later payment

• Deferred payment

Accounting Equation is......

• Assets = Capital - Liability

• Assets = Capital + Liability

• Liability = Assets + Capital

• Capital = Assets +Liability

Cash discount is divided into......and.....

• Discount allowed and discount received

• Trade discount and cash discount

• Deferred discount and referred discount

• Bank discount and cash discount

Another name for returns inward is......

• Sales returns

• Sold returns

• Customer returns

• Supplier returns

The sales journal of Joy shows the total balance of #5,920. How much would be posted to sales ledger and which side?

• #5,920 and credit side

• #5,920 and debit side

• #5,290 and credit side

• #5,092 and debit side