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A business sells $100 worth of goods to a customer, the customer pays $50 in cash immediately and will pay the remaining

$50 in 30 days' time.What is the double entry to record the purchase in the customer’s accounting records?

A

Debit cash $50, credit payables $50, credit purchases $50

B

Debit payables $50, debit cash $50, credit purchases $100

C

Debit purchases $100, credit payables $50, credit cash $50

D

Debit purchases $100, credit cash $100

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Chapter5Ledgeraccountsanddoubleentry

A is incorrect as the debits and credits don’t equal each other, B is incorrect as the debits and credits are the wrong round

and D are incorrect as the credit purchase has been ignored.

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

1 and 4

D

3 and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

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