1.
You purchased inventory from your vendor and paid cash. The accounts affected are the inventory account and the cash account. In your journal entry, which account would you debit?
2.
In the accounts of sole traders, goods taken from stock during the year for personal use by the owner are treated as follows:
3.
Short-term Investments would be an example of what kind of account?
4.
What the company owns or controls and expects to gain value from is defined as:
5.
Expenditure incurred on repairs to premises automatically causes:
6.
Cash received this year from a debtor whose account was totally written off last year should be treated as:
7.
What tasks would a bookkeeper do?
8.
A Current Asset is one which:
9.
A way of bookkeeping that tracks which accounts increase and which decrease for a given transaction is known as:
10.
Which one of the following would never be shown in the Balance Sheet?
11.
Maria Garcia owns a software consulting firm. At the beginning of 2019, her firm had assets of $800,000 and liabilities of $185,000.
Additional information
Assuming that assets decreased by $52,000 and liabilities increased by $24,000 during 2020, use the accounting equation to calculate equity at the end of 2020.
(Enter your answer as a whole number. Don't use a decimal.)
12.
The Accounting Equation means that:
13.
Cash received from P. Brown (a debtor) was posted in error to the account of R. Brown. The correcting entries for this would be:
14.
Overlooking an item of stock costing 100,000Rwf (selling price 150,000Rwf) during the year-end stocktaking would result in:
15.
As a book of first entry, the Journal, sometimes referred to the General Journal:
16.
What the company owes to others is defined as:
17.
Which of the following best defines a credit as it’s used in double-entry accounting?
18.
If the Owner’s Capital amounted to 100,000Rwf, Long Term Loans to 50,000Rwf and Drawings to 7,000Rwf and the Balance Sheet Total was 200,000Rwf, the Net Profit for the year was:
19.
Mary Smith is the owner and operator of Smith Construction. At the end of the company's accounting period, December 31, 2020, Smith Construction has assets totaling $760,000 and liabilities totaling $240,000
Requirement: Use the accounting equation to calculate what Mary’s Owner Equity would be as of December 31, 2020.
(Enter your answer as a whole number. Don't use a decimal.)
20.
An owner invests $1000 in the company. This transaction impacted the checking account and the owner’s equity account. In your journal entry, which account do you credit?
17/05/2024
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the exam was medium
thx
the exam was somehow on fundamental accounting only
the test was a little difficult