Incomplete records
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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To find a missing sales figure you would.... | Create a debtors account and fill in opening and closing balance and payments made to bank.
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To find a missing purchases figure you would..... | Create a creditors account and fill in opening and closing creditor balances and payments made from the bank
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An opening accrual is on the ........ side of the T account | Credit
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An opening prepayment is on the ........ side of the T account | Debit
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In an expense account the profit and loss entry is generally on the .......side of the T account | Credit
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Prepayments on the balance sheet go under.... | Current assets
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Accruals on the balance sheet go under....... | Current liabilities
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When transferring money from cash to bank the entries are.... | DR Bank CR Cash
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Opening capital is calculated by | Adding opening assets and deducting opening liabilities
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An easy way to calculate profit is by calculating closing capital less..... | Opening capital plus drawings less capital introduced
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Closing prepayment is on the .......side of the T account | Credit
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Closing accrual is on the ........ side of the T account | Debit
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When you pay an expense the double entry is: | DR Expense CR Bank
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Mark up | % added to the cost of goods sold (or purchases) to calculate the selling price
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Margin | % of profit made calculated by reference to the selling price
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Cost of goods sold | Opening stock plus purchases less closing stock
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
amandacavanagh
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