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Unit 3 Bookkeeping Exam Questions and Answers
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Unit 3 Bookkeeping Exam Questions and Answers
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Unit 3: Bookkeeping Exam Questionsand Answers
An amount entered on the left-hand side of an account, recording money paid out -
Answer -debit
A book of accounts - Answer -ledger
Custormers who owe money for goods or services not yet paid for - Answer -debtors
an amount entered on the right-hand side of an account, recording a payment recieved -
Answer -credit
goods stored ready for sale - Answer -stock
suppliers who are owed money for purchases not yet paid for - Answer -creditors
.....................shows where money comes from and where it goes; it is always tranferred
from one.............to another one. Every event is entered twice - once as a credit and
once as a............ - Answer -Cash account, account, debit
Most businesses record very frequent or numerous transactions
in............... ....... ................. or .................. - Answer -day books, journals
The main account books are called................................., and the book relating to
creditors is called the....................... ...................... - Answer -normal ledgers, bought
ledgers
In order to prepare financial statements, companies do a ............... ................. which
copies al the debit and credit balances of different accounts into a single page - Answer
-trial balance
If you buy new assets, you ...................... the cash or capital account - Answer -credit
If you pay some bills, you .......................... the liabilities account - Answer -debit
If you buy materials from a supplier on 60 days' credit, you ...................... the purchases
account and .................. the suppliers account - Answer -debit, credit
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