In the double entry accounting system maintained manually, a general journal ________.

I should always consist of a single debit entry matched by a corresponding credit entry

II should always end with a narration explaining the need for it

III is needed only in the absence of other suitable book of prime entry for the transaction

	A.	I & II
	B.	I & III
	C.	II & III
	D.	All of the above

The assets that can be converted into cash within a short period are known as .

	A.	Investments
	B.	Intangible assets
	C.	Current assets
	D.	Non-current assets

Which transaction will be entered in the General journal?

	A.	Purchase goods on credit
	B.	Owner bring his personal motor vehicles into the business
	C.	Goods returned from customer
	D.	Goods purchased and paid by cash

Which of the following is not a transaction?

	A.	Mr. Ali commenced a business with cash of RM100,000.
	B.	Received a price list from suppliers.
	C.	Received interest from Bank RM5,000.
	D.	Paid workers salary RM300.

What should be debited, if Sales made to Judy for cash?

	A.	Sales account
	B.	Cash account
	C.	Creditors_Judy account
	D.	Debtors_Judy account

Debit signifies _____________________.

I Increase in Asset account

II Decrease in liability account

III Decrease in capital account

	A.	I & II
	B.	I & III
	C.	II & III
	D.	All of the above

What is the effect to the accounting equation, if the payment was made for purchasing equipment on credit?

	A.	Increase of both liability and owners equity
	B.	Increase of asset, decrease of liability
	C.	Decrease of both asset and liability
	D.	Decrease of asset, increase of owners equity

Which of the following are correct?

		Debit	Credit
I	Paid electricity bill by online banking	Utilities expenses	Bank
II	Paid the suppliers debt by cash	Creditors	Cash
III	Received payment from credit customer by cheque	Bank	Debtors

	A.	I & II
	B.	I & III
	C.	II & III
	D.	All of the above

Refers to the following information

Bank Account
	RM		RM
Capital	40,000	Drawing	10,000
Sales	15,000	Purchases	20,000
		Balance c/d	??

Which of the following figures represents the balance c/d for the above account?

	A.	RM30,000
	B.	RM50,000
	C.	RM25,000
	D.	RM10,000

Which of the following entry will be recorded in the books of accounts for the goods returned to Lucy?

	A.	Sales Return account (Dr) and Creditors_Lucy account (Cr)
	B.	Creditor_Lucy account (Dr) and Purchases return account (Cr)
	C.	Purchases return account (Dr) and Creditor_Lucy account (Cr)
	D.	Purchases return account (Dr) and Trading account (Cr)