A debit entry in a fix asset account represents

Financial Accounting Quiz

Quiz
•
Mathematics
•
University
•
Hard
Taofik Abass
FREE Resource
50 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
an increase in the fixed asset account
a decrease in the fixed asset account
a profit on disposal of the fixed asset
a loss on disposal of the fixed asset
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When bank charges are discovered in a bank statement, the adjustment is effected in the
bank reconciliation statement
cash book
suspense account
bank loan account
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The double entry for interest on drawing by a partner is: debit
Partner's Current Account
Profit and Loss Account; Credit Interest Account
Appropriation Account; Credit Partner's Current Account
Interest Account; Credit Profit and Loss Account
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A credit purchase of GH¢ 200 from Osae was posted to the account of Osei. This is an error of
principle
commission
omission
original entry
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The net figure for debtors in the balance sheet is
Le 47,025
Le 46,550
Le 45,600
Le 45,500
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The provision for doubtful debts to be charged to profit and Loss Account is
Le 2,500
Le 2,475
Le 2,450
Le 1,000
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An office equipment bought for use was found to be defective and returned to the supplier. The subsidiary book to record this transaction is
returns outward journal
returns inwards journal
purchase journal
general journal
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