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Accounting Monthly Test Quiz 2019

The document is a monthly test for an accounting class. It contains multiple choice questions testing knowledge of debit and credit entries. It also provides definitions for accounting terms. The main part of the document is a word problem describing business transactions for a company throughout January 2011. Students are required to record journal entries for the transactions, post them to general ledger accounts, and prepare a trial balance.

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1K views1 page

Accounting Monthly Test Quiz 2019

The document is a monthly test for an accounting class. It contains multiple choice questions testing knowledge of debit and credit entries. It also provides definitions for accounting terms. The main part of the document is a word problem describing business transactions for a company throughout January 2011. Students are required to record journal entries for the transactions, post them to general ledger accounts, and prepare a trial balance.

Uploaded by

Repunzel Raaj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
  • Accounting Test Instructions and Questions

Government Post Graduate College Samanabad Faisalabad

Monthly Test 2019- Accounting


Total Marks 10 Time 40 Mins
1. Which term is associated with "left" or "left-side"? What will usually cause an asset account to increase?
Debit Debit
Credit Credit
2. 6.
Which term is associated with "right" or "right-side"? What will usually cause the liability account
Debit Accounts Payable to increase?
Credit Debit
3. Credit
When cash is received, the account Cash will be 7.
Debited Entries to expenses such as Rent Expense are usually
Credited Debits
4. Credits
When a company pays a bill, the account Cash will 8.
be Entries to revenues accounts such as Service
Debited Revenues are usually
Credited Debits
5. Credits

Define:
1. Accounting Equation 6. Transaction
2. Accounting 7. Ledger
3. Drawings 8. Trial Balance
4. Tangible assets 9. Accounts payable
5. Owner’s Equity 10. Commission

Problem:
Creative Advertising, owned by Miss Abida Masood, provides advertising consulting services.
During January 2011, the following events occurred:
Jan. 2 Owner contributed Rs. 50,000 and a new computer costing Rs. 20,500 to start her
business.
Jan. 4 Office supplies were purchased on account for Rs. 4,000.
Jan. 10 Creative Advertising obtained 12% 5-year loan of Rs. 20,000 from the bank.
Jan. 12 Creative Advertising paid the utility bills for Rs. 2,750.
Jan. 15 Paid the Rs. 3,000 in Accounts Payable from the purchase of office supplies on Jan. 4.
Jan. 24 Advertising services completed in January were billed to clients Annies’ Flowers at Rs.
18,300.
Jan. 27 Creative Advertising received Rs. 5,500 from Annies’ Flowers, a client, as payment on
account.
Jan. 30 Miss Abida Masood withdrew Rs. 6,000 of cash for personal use.

Requirement: You are required to pass Journal Entry, post to appropriate general ledger account
and make a trial balance?

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