Accounting IGCSE Review

Entering transactions in ledger is the task performed by ... .

• Accountant

• Auditor

• Book-keeper

• Tax Advisor

Motor vehicles, equipment, and machinery are examples of ... .

The business purchased premises, $15 000, and paid by cheque. Which accounts are affected in the accounting equation?

• Asset only

• Asset and liability

• Capital only

• Asset and capital

........ is a document issued by a seller of goods on credit to notify of a reduction in the purchase recorded.

• Credit note

• Debit note

• Invoice

• Statement of account

Revenue $72 500

Purchases $49 700

Closing inventory $4 800

Carriage inwards $1 150

Carriage outwards $2 950

How much is the gross profit?

• $22 800

• $24 650

• $26 450

• $27 600

An estimate of the loss in value of a non-current asset over its expected working life. That is a definition of ... .

• Revaluation method

• Reducing balance method

• Straight line method

• Deterioration method

Financial statements are prepared to produce detailed financial information of ... .

• The previous year

• The current year

• The following year

• The three consecutive years