The GST Credits Received account is debited because it is:

a negative liability that is increasing

Mostert Industries sent an adjustment note to N Nay for sales returns of $330, including GST. Nay will be credited with this amount. Which of the following statements is correct to record the debit side of the entry relating to the selling price element of this transaction?

Sales Returns $300; & GST Collected $30

Sales Returns $300; & GST Cr Rec $30

Sales Returns $300; & Cost of Goods Sold $30

Leonardi Systems sold a vehicle that cost $16 000 to K Slater for $16,000. Leonardi made an entry in the general journal as if this was a sale of inventories for $1, 000. It should have been recorded as the sale of a long-term asset. An entry is now recorded in the general journal to correct the error. Which of the following statements is correct?

Sales Dr $16,000; & Motor Vehicle Cr $16,000

K Slater Dr $16,000; & Motor Vehicle Cr $16,000

Sales Dr $16,000; & K Slater Cr $16,000

K Slater Dr $16,000; & Sales Cr $16,000

Which of the following would result in a debit entry to the Inventories account for $1,900?

Buying inventories for $1,900 (GST free)

Selling inventories for $2,090 (GST inc)

Buying inventories for $1,900 (GST free)

Buying inventories for $1,900 (GST inc)

Tham Trading sold goods worth $2,000 to V Young on credit for $3,300 (inc GST). Which of the following is correct?

The amount of GST for the transaction is $330

Which of the following is correct?

The owner introduced as capital a motor vehicle, equipment & furniture

Service fees revenue for the month totalled $7,000

The business received $8,000 in rent

Which of the following is correct?

The source document for the transaction on April 30 is the bank statement.

The business received an extra $20,000 capital of 4 April

The owner introduced an extra $20,000 in capital on 4 April

The business sold equipment for cash on 1 April

In regard to the total amount of Service Fees Revenue for the month of April:

$11,000 was received in cash, but some accounts receivable could increase it above $11,000

$11,000 was received in cash, but some accounts payable could increase it above $11,000

$11,000 was received in cash, but accounts payable could decrease it below $11,000

11 Accounting Quiz 4

Authored by Leanne Nugent

Business

11th Grade

Used 2+ times

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20 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

The accounting process is typically:

journal, ledger, trial balance

source document, journal, trial balance

source document, journal, ledger

journal, trial balance, ledger

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If an accounts receivable is paid by direct deposit, the source document is the:

bank statement

cheque

cash register summary

invoice

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following does not produce a source document?

generating a receipt

finalising an invoice

discussing on the phone the price of inventories

completing a journal voucher

Answer explanation

No transaction has occurred when you are discussing prices. An order needs to be placed for a transaction to occur

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Making a payment by electronic funds transfer ultimately results in:

a credit to the Cash at Bank account

a debit to a revenue account

an invoice produced as a source document

no entry in the records

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

When the owner withdraws cash, the following general journal entry is made:

Capital Dr, Supplies Cr

Capital Dr, Cash at Bank Cr

Drawings Dr, Supplies Cr

Drawings Dr, Cash at Bank Cr

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The folllowing entry was recorded:
Advertising Dr $500
Preston Advertising Pty Ltd Cr $500
Which of the following statements is correct about the entry?

Paid for advertising $500

Bought advertising on credit $500

Received $500 for advertising

Preston Advertising Pty Ltd owes the business $500

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The Cost of Goods Sold account is:

an asset

a liability

a revenue

an expense

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11 Accounting Quiz 4

The accounting process is typically:

If an accounts receivable is paid by direct deposit, the source document is the:

Which of the following does not produce a source document?

No transaction has occurred when you are discussing prices. An order needs to be placed for a transaction to occur

Making a payment by electronic funds transfer ultimately results in:

When the owner withdraws cash, the following general journal entry is made:

The folllowing entry was recorded:
Advertising Dr $500
Preston Advertising Pty Ltd Cr $500
Which of the following statements is correct about the entry?

The Cost of Goods Sold account is:

The GST Credits Received account is debited because it is:

If credit purchases are returned, the Inventories account is credited because it is:

This means the business bought inventories on credit. If they return those inventories, it will decrease the amount of inventories the business has.
Credit purchase = this business BOUGHT on credit from another business

Mostert Industries sent an adjustment note to N Nay for sales returns of $330, including GST. Nay will be credited with this amount. Which of the following statements is correct to record the debit side of the entry relating to the selling price element of this transaction?

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11 Accounting Quiz 4

The accounting process is typically:

If an accounts receivable is paid by direct deposit, the source document is the:

Which of the following does not produce a source document?

No transaction has occurred when you are discussing prices. An order needs to be placed for a transaction to occur

Making a payment by electronic funds transfer ultimately results in:

When the owner withdraws cash, the following general journal entry is made:

The folllowing entry was recorded:Advertising Dr $500Preston Advertising Pty Ltd Cr $500Which of the following statements is correct about the entry?

The Cost of Goods Sold account is:

The GST Credits Received account is debited because it is:

If credit purchases are returned, the Inventories account is credited because it is:

This means the business bought inventories on credit. If they return those inventories, it will decrease the amount of inventories the business has.Credit purchase = this business BOUGHT on credit from another business

Mostert Industries sent an adjustment note to N Nay for sales returns of $330, including GST. Nay will be credited with this amount. Which of the following statements is correct to record the debit side of the entry relating to the selling price element of this transaction?

Access all questions and much more by creating a free account

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The folllowing entry was recorded:
Advertising Dr $500
Preston Advertising Pty Ltd Cr $500
Which of the following statements is correct about the entry?

This means the business bought inventories on credit. If they return those inventories, it will decrease the amount of inventories the business has.
Credit purchase = this business BOUGHT on credit from another business