Basic Accounting 3

15 Points Per Correct Answer - No time limit  

1. Goods bought on credit from J Roger. What is debited? Purchases a/c J Roger a/c Goods a/c Income a/c

2. Vans bought on credit from K Logan. What is debited? K Logan a/c Vans a/c Purchases a/c Liability a/c

3. Goods sold on credit to N Hopson. What is credited? N Hopson a/c Goods a/c Creditors a/c Sales a/c

4. Goods are sold. Jack immediately pays by cheque. What is debited? Cheque a/c Bank a/c Jack a/c Goods a/c

5. Goods purchased by us, returned to supplier J Johnson. What is credited? Purchase returns a/c Goods a/c Purchase a/c Sales returns a/c

6. Goods sold returned to us by customer, T Jacob. What is debited? Goods a/c Sales a/c Sales Returns a/c T Jacob a/c

7. Goods bought by cheque. If you have bought the goods, what is credited? Purchases a/c Toys a/c Bank a/c Sales a/c

8. The owner of a business puts money into the business. What is credited? Owner a/c Loan a/c Investment a/c Capital a/c

9. A loan in cash is received from D Michael. What is credited? D Michael Loan a/c Cash a/c D Michael a/c Loan a/c

10. Debit all incomes, expenses and liabilities and credit all losses, liabilities and gains. Is this statement correct? Yes No