1) The accounting cycle begins with: a) Preparing the trial balance b) Recording transactions in the books of original entry c) Preparing the balance sheet d) Calculating depreciation 2) The main purpose of the trial balance is to a) Prepare financial statements b) Check the accuracy of the double-entry system c) Calculate profit or loss d) Record bank transactions 3) Which of the following is the correct order of the accounting cycle? a) Trial balance → Financial statements → Journalising → Posting to ledger b) Recording transactions → Posting to ledger → Trial balance → Financial statements c) Financial statements → Recording transactions → Posting to ledger → Trial balance d) Posting to ledger → Recording transactions → Financial statements → Trial balance 4) Errors disclosed by a trial balance are usually: a) Compensating errors b) Errors of omission c) Errors of principle d) Errors of casting (addition) 5) Which document is used first in the accounting cycle a) Balance sheet b) Source document c) Ledger d) Petty cash voucher 6) Which book is used to record credit purchases of goods a) Purchases Journal b) Sales Journal c) Purchases Returns Journal d) Cash Book 7) The Cash Book serves as both a book of original entry and a: a) Purchases Journal b) Ledger Account c) Petty Cash Book d) Sales Journal 8) A credit note issued to a customer is recorded in the: a) Purchases Returns Journal b) Sales Returns Journal c) General Journal d) Cash Receipts Journal 9) Which book records the purchase of office equipment on credit? a) Purchases Journal b) Cash Book (Discounts column) c) Sales Journal d) General Journal 10) Discounts received from suppliers are first recorded in the: a) Purchases Journal b) Cash Book (Discounts column) c) Sales Journal d) General Journal 11) A sole trader is defined as a business: a) Owned by two or more persons b) Registered as a private limited company c) Owned and controlled by one individual d) That is state-owned 12) The capital of a sole trader represents: a) Cash only contributed by the owner b) The owner’s investment plus profits retained in the business c) The total assets of the business d) The total liabilities owed to creditors 13) Drawings by a sole trader will: a) Increase capital b) Decrease capital c) Have no effect on capital d) Appear only in the balance sheet 14) The Trading Account of a sole trader is prepared to calculate: a) Gross profit or gross loss b) Net profit or net loss c) Total capital d) Total assets and liabilities 15) Which of the following would NOT appear in a sole trader’s Profit and Loss Account? a) Rent received b) Salaries paid c) Cost of goods sold d) Drawings 16) The imprest system of petty cash means: a) The amount spent is replenished to a fixed amount b) All petty cash is kept in the main cash book c) Petty cash is recorded monthly only d) No receipts are required for small payments 17) A. The amount spent is replenished to a fixed amount a) Record all transactions b) Check the arithmetical accuracy of personal accounts c) Replace subsidiary ledgers d) Record cash transactions only 18) The main source document for petty cash is a: a) Cash receipt b) Petty cash voucher c) Sales invoice d) Bank statement 19) The Debtors Control Account shows: a) Total amount owed to creditors b) Total amount owed by customers c) Total purchases made during the period d) Cash received from customers only 20) Which of the following errors would a Control Account help to detect? a) A payment omitted from the cash book b) Incorrect posting in a personal ledger account c) Capital expenditure treated as revenue d) Recording sales in the purchases journal

Principles of Accounts Quiz 1

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