Q.1
A ledger is called a book of.
  • Primary entry
  • Final entry
  • Original entry
  • None of the above
Q.2
Which of the following items would not appear on the credit side of the Inventory Account
  • Cost of Sales
  • Accounts Payable
  • Bank
  • Advertising
Q.3
Which of the following items is an incorrect title in the Accounts Receivable Ledger
  • Bank/Discount Expense
  • Sales Returns/GST Clearing
  • Cost of Sales
  • Sales/GST Clearing
Q.4
Which of the following titles is incorrect in the Accounts Payable Ledger
  • Inventory/GST Clearing
  • Bank/Discount Revenue
  • Purchase Returns/GST Clearing
  • Bank
Q.5
Which of the following titles would not appear in the Accounts Receivable Account
  • Sales Returns/GST Clearing
  • Bad Debts
  • Sales/GST Clearing
  • Bank
Q.6
Which of the following titles would not appear in the Inventory Account
  • Drawings
  • Cost of Sales
  • Advertising
  • Accounts Receivable
Q.7
Which of the following items would appear on the Debit side of the GST Clearing Account if an amount was owed to the ATO
  • Accounts Payable/Bank/Bank/Accounts Receivable
  • Accounts Payable/Bank/Accounts Receivable/Accounts Payable
  • Accounts Receivable/Accounts Payable/Bank/Bank/Accounts Receivable
  • Accounts Payable/Bank/Bank/Balance
Q.8
Select the correct set of titles to be recorded in the credit side of the Inventory Account
  • Bank/Accounts Payable/Cost of Sales/Inventory Gain
  • Bank/Accounts Payable/Cost of Sales/Inventory Loss/Inventory Write Down
  • Bank/Accounts Payable/Cost of Sales/Inventory Loss/Inventory Write Down/Advertising/Drawings
  • Accounts Payable/Cost of Sales/Inventory Loss/Inventory Write Down/Advertising/Drawings
Q.9
Which of the following items would NOT appear in the P/L Summary account
  • Capital
  • Net Profit
  • Revenues
  • Expenses
Q.10
Which of the following would be the correct entries for the credit side of the inventory account
  • Bank/Accounts Payable/Cost of Sales/Advertising/Drawings/Inventory Loss/Inventory Write Down
  • Bank/Accounts Receivable/Cost of Sales/Advertising/Drawings/Inventory Loss/Inventory Write Down
  • Accounts Payable/Cost of Sales/Advertising/Drawings/Inventory Loss/Inventory Write Down
  • Accounts Payable/Cost of Sales/Accounts Receivable/Advertising/Drawings/Inventory Loss/Inventory Write Down
Q.11
Which of the following are incorrect titles in the Disposal of Van account
  • Accumulated Depreciation
  • Trade-in
  • Loss on Disposal
  • All of the above
Q.12
A bad debt has been written off during the period as the Accounts Receivable has been declared bankrupt. The correct entry in the Allowance for Doubtful Debts ledger would be
  • Credit: Bad Debts
  • Debit: Accounts Receivable/GST Clearing
  • Debit: Bad Debts
  • Debit: Accounts Receivable
Q.13
What credit entry is required when the business writes off a bad debt
  • Bad Debts
  • Accounts Receivable
  • Doubtful Debts
  • Allowance for Doubtful Debts
Q.14
When creating an allowance for doubtful debts what is the debit entry in the General Journal
  • Bad Debts
  • Accounts Receivable
  • Allowance for Doubtful Debts
  • Doubtful Debts
Q.15
What is the debit entry required to recognize Unearned Sales Revenue as being earned
  • Bank
  • Unearned Revenue
  • Unearned Sales Revenue
  • Sales
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