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ACCOUNTANCY COURSES AT PETERBOROUGH REGIONAL COLLEGE
click here to e-mail for details of ACCA, CIMA and AAT courses





ACCOUNTANCY COURSES AT PETERBOROUGH REGIONAL COLLEGE
click here to e-mail for details of ACCA, CIMA and ATT Taxation courses

BASIC DOUBLE ENTRY ACCOUNTING QUIZ

1. What is the left side of a ledger account called ?

Credit
Debit
Both Credit and Debit
Something else

2. Mr. Jones starts a business and pays £3000 into the bank account. What are the entries in the general ledger ?

Dr Capital £3000 Cr Bank 3000
Dr Bank £3000 Cr Liabilities £3000
Cr Capital £3000 Dr Bank £3000
Dr Capital Dr Bank £3000

3. Mr.Smith buys stationery on credit for £600 What will the entries in the general ledger be ?

Debit - Trade Creditors (purchase ledger control) Credit Stationery
Debit Stationery Credit Trade Creditors (purchase ledger control)
Credit Capital and Debit Stationery
Debit Stationery Debit trade Creditors (purchase ledger control)

4. The Profit and Loss Account summarises income and expenses before being transferred into which category?

Assets
Liabilities
Loans
Capital

5. What is the Purchase Day Book ?

A ledger account
A purchase ledger account
A memorandum account
A book of original entry

6. Trial Balance Debit column = £750 Trial Balance Credit Column = £600 Which one of the following could explain the difference

A debit of £150 posted as a credit in error
A credit of £150 posted as a debit in error
A debit of £75 posted as a credit in error
A credit of £75 posted as a debit in error

7. Mr.Jones buys a computer on credit for £800 What adjustments will the transaction make to assets and liabilities

Assets increase by £800 Liabilities increase by £800
No adjustment
Assets increase by £800 Capital Increases by £800
Assets decrease by £800 Capital decreases by £800

8. What entries would be made to record a payment of £400 to a trade creditor (supplier)

Dr Bank Cr Purchase Ledger Control (Trade Creditors)
Cr Bank Dr Purchases
Cr Bank Dr Purchase Ledger Control
Cr Bank Cr Purchase Ledger Control

9. Capital = GBP 600 Assets = GBP 800 What are total Liabilities ?

GBP 1,400
GBP 200
GBP 600
GBP 800

10. Capital = GBP 500 Liabilities = GBP 400 What is the assets total ?

GBP 900
GBP 100
GBP -100
GBP 400

11. Sales Daybook totals are as follows: total (gross): £800 VAT : £95 Net: £705 What will the ledger postings be ?

Dr.Sales Ledger Control (debtors) £800 Dr VAT £95 Cr Sales £705
Cr Sales £800 Dr VAT £95 Dr Trade Debtors (S/L control) £705
Dr.Trade Debtors (S/L Control) £800 Cr VAT £95 Cr Sales £705
Cr Trade Debtors (S/L Control) £800 Dr. VAT £95 Dr Sales £705

12. What are day books also called ?

Ledger Accounts
Books of Original Entry
Personal Accounts
Asset Accounts

13. What do entries in the CREDIT side of a ledger account usually represent ?

Increases in assets and increases in income
Increases in liabilities and decreases in income
Increases in liabilities and increases in income
Increases in liabilities and increases in Assets

14. On which side of the ledger account are liabilities recorded

credit
debit
either
neither

15. Under which of the following categories would computer equipment for office use be recorded ?

Fixed Assets
Current Assets
Current Liabilities
Capital

16. Capital = ?

Assets + Liabilities
Assets - Liabilities
Liabilities - Assets
Assets
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