Journals, Ledgers, and Cash Books
Which of the following statements concerning the three-column cashbook is true?
The folio column represents the third column of the cashbook
The bank column can have either a debit or a credit balance
It is allowable for the cash column to have credit balance at the end of the period
The discounts column totals should be the same to enable balancing off
The bank column can have either a debit or a credit balance
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An entry in which one account is debited and another is credited is called:A. Compound entry
B. Simple entry
C. Combined entry
D. Minor entry
___________ will be credited if goods are given as charity.
A. Cash
B. Charity
C. Purchases
D. Sales
The account of a supplier would be found in:
A. General ledger
B. Purchases day book
C. Purchases ledger
D. Sales day book
Liabilities normally show:
A. Debt balance
B. Zero balance
C. Credit balance
D. Marked balance
Machinery bought on credit from Lander Ltd had to be retuned due to its unsuitability. The correct entry to record this in the accounts would be (debit and credit) is:
A. Machinery and Lander Ltd
B. Lander Ltd and Returns outwards
C. Returns outwards and Lander Ltd
D. Lander Ltd and Machinery
The journal folio is recorded in:
A. Ledger
B. Journal
C. Trial balance
D. Balance sheet
Excess of debit balance over credit balance is called:
A. Nil balance
B. Debit balance
C. Excess balance
D. Credit balance
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