Sales account and return outwards account usually have a 　　　　　　 balance and 　　　　　　 Balance respectively. 答案及選項: A.  credit……debit B.  credit……credit C.  debit……debit D.  debit……credit8)A business received commission revenue of $50,000 in cash. Which of the following double entries is correct? 答案及選項: A.  Debit commission revenue account……Credit cash account B.  Debit cash account……Credit commission revenue account C.  Debit commission revenue account……Credit bank account D.  Debit bank account……Credit commission revenue account9)Which of the following statements is incorrect? 答案及選項: A.  An increase in capital account is recorded by a credit entry. B.  A decrease in liability account is recorded by a debit entry. C.  An increase in asset account is recorded by a debit entry. D.  An increase in expense account is recorded by a credit entry.10)Which of the following is an asset of a firm? 答案及選項: A.  The capital of the firm B.  The loss made by the firm C.  Premise owned by the firm D.  Money owed by the firm to a bank11)Which of the following is a liability of a firm? 答案及選項: A.  Money lent to the firm by a bank B.  Money lent by the firm to a customer C.  The capital of the firm D.  Premises owned by the firm12)Which of the following accounts of a firm should be credited when there is an increase in the amount?(1) Debtors(2) Capital(3) Customer deposits(4) Bank loans(5) Furniture and fixtures 答案及選項: A.  (1), (4) and (5) only B.  (2), (4) and (5) only C.  (2), (3) and (4) only D.  (1), (2) and (3) only13)Which of the following double entries are incorrect?(1) The owner contributed furniture: Dr Furniture   Cr Capital(2) Bought computers on credit from Maxi Computers Ltd: Dr  Maxi Computers Ltd   Cr Computers(3) Paid rates by cheque:  Dr Bank  Cr Rates(4) Received cash from a debtor:  Dr Cash   Cr Debtors 答案及選項: A.  (2) and (3) only B.  (1) and (3) only C.  (3) and (4) only D.  (3) only14)Leo paid cash for $5,000 worth of furniture from NY Furniture for business use. The double entry for this transaction would be: 答案及選項: A.  Dr Furniture $5,000 Cr NY Furniture $5,000 B.  Dr Cash $5,000 Cr NY Furniture $5,000 C.  Dr NY Furniture $5,000 Cr Cash $5,000 D.  Dr Furniture $5,000 Cr Cash $5,00015)Both Amy Co and Betty Co are furniture retailers. Amy Co bought $5,000 worth of furniture from Betty Co on credit for business use. In Betty Co's books, how should this transaction be recorded? 答案及選項: A.  Dr Furniture $5,000 Cr Betty Co $5,000 B.  Dr Betty Co $5,000 Cr Furniture $5,000 C.  Dr Amy Co $5,000 Cr Sales $5,000 D.  Dr Amy Co $5,000 Cr Furniture $5,00016)Which of the following are correct?(1) Both assets and capital will increase when the owner injects capital into the business.(2) Both capital and liabilities will increase when a business borrows money from a bank.(3) Both assets and liabilities will increase when a business purchases a machine on credit.(4) Both assets and liabilities will increase when a business purchases a computer on credit. 答案及選項: A.  (1) and (2) only B.  (2), (3) and (4) only C.  (1), (3) and (4) only D.  (1) and (4) only

Sales account and return outwards account usually have a 　　　　　　 balance and 　　　　　　 Balance respectively. 答案及選項: A.  credit……debit B.  credit……credit C.  debit……debit D.  debit……credit8)A business received commission revenue of $50,000 in cash. Which of the following double entries is correct? 答案及選項: A.  Debit commission revenue account……Credit cash account B.  Debit cash account……Credit commission revenue account C.  Debit commission revenue account……Credit bank account D.  Debit bank account……Credit commission revenue account9)Which of the following statements is incorrect? 答案及選項: A.  An increase in capital account is recorded by a credit entry. B.  A decrease in liability account is recorded by a debit entry. C.  An increase in asset account is recorded by a debit entry. D.  An increase in expense account is recorded by a credit entry.10)Which of the following is an asset of a firm? 答案及選項: A.  The capital of the firm B.  The loss made by the firm C.  Premise owned by the firm D.  Money owed by the firm to a bank11)Which of the following is a liability of a firm? 答案及選項: A.  Money lent to the firm by a bank B.  Money lent by the firm to a customer C.  The capital of the firm D.  Premises owned by the firm12)Which of the following accounts of a firm should be credited when there is an increase in the amount?(1) Debtors(2) Capital(3) Customer deposits(4) Bank loans(5) Furniture and fixtures 答案及選項: A.  (1), (4) and (5) only B.  (2), (4) and (5) only C.  (2), (3) and (4) only D.  (1), (2) and (3) only13)Which of the following double entries are incorrect?(1) The owner contributed furniture: Dr Furniture   Cr Capital(2) Bought computers on credit from Maxi Computers Ltd: Dr  Maxi Computers Ltd   Cr Computers(3) Paid rates by cheque:  Dr Bank  Cr Rates(4) Received cash from a debtor:  Dr Cash   Cr Debtors 答案及選項: A.  (2) and (3) only B.  (1) and (3) only C.  (3) and (4) only D.  (3) only14)Leo paid cash for$5,000 worth of furniture from NY Furniture for business use. The double entry for this transaction would be: 答案及選項: A.  Dr Furniture $5,000 Cr NY Furniture$5,000 B.  Dr Cash $5,000 Cr NY Furniture$5,000 C.  Dr NY Furniture $5,000 Cr Cash$5,000 D.  Dr Furniture $5,000 Cr Cash$5,00015)Both Amy Co and Betty Co are furniture retailers. Amy Co bought $5,000 worth of furniture from Betty Co on credit for business use. In Betty Co's books, how should this transaction be recorded? 答案及選項: A.  Dr Furniture$5,000 Cr Betty Co $5,000 B.  Dr Betty Co$5,000 Cr Furniture $5,000 C.  Dr Amy Co$5,000 Cr Sales $5,000 D.  Dr Amy Co$5,000 Cr Furniture $5,00016)Which of the following are correct?(1) Both assets and capital will increase when the owner injects capital into the business.(2) Both capital and liabilities will increase when a business borrows money from a bank.(3) Both assets and liabilities will increase when a business purchases a machine on credit.(4) Both assets and liabilities will increase when a business purchases a computer on credit. 答案及選項: A.  (1) and (2) only B.  (2), (3) and (4) only C.  (1), (3) and (4) only D.  (1) and (4) only