4th Acc Rev Part 1&2 2022

Accounting
Revision 4th Quarter (Part 1&2)
Grade 11
Q1) Choose the one alternative that best completes the statement or
.answers the question
. business A list of all accounts used by a (1
a) Ledger
b) Chart of accounts
c) Normal balance
Credit d
.A system used to analyze and record a transaction (2
a) Ledger
Credit(b
c) Debit
d) Double entry account
.An entry on the left side of an account (3
a) Credit
b) Debit
c) Normal balance
d) Ledger
.An entry on the right side of an account (4
a) Credit
b) Debit
c) Normal balance
1
d) Ledger
.A visual representation of a ledger account (5
a) Normal balance
b) Ledger
c) T‐account
d) Debit
. account The increase side of an (6
a) Normal balance
b) Ledger
c) T‐account
d) Debit
?Which of the following belong to the rules of asset accounts (7
.(A) It is decrease on the debit side (left side
.(b) It is decreased on the credit side (right side
.(c) It increased on the debit side (left side
.d) Both b and c
Which of the following belong to the rules of liability and owner’s equity (8
?accounts
.(a) It is decrease on the debit side (left side
.(b) It is decreased on the credit side (right side
.(c) It increased on the debit side (left side
.d) Both b and c
from his personal saving and $25,000 Hatcher took On January 1, 2018 (9
deposited that amount to open a business checking account in the name of
2
?Hatcher Company . What is the double entry of this transaction

and Capital Cash (a

Debit Credit Debit Credit
+ ‐ ‐ +
25,000 25,000

and Notes Payable cash (b

+ ‐ ‐ +
25,000 25,000

and Withdrawals Cash (c

+ ‐ ‐ +
25,000 25,000

and Salaries payable cash (d

+ ‐ ‐ +
25,000 25,000
3
On February 1, Hatcher Company issued a 12%, $10,000 note payable to the (10
?American Bank to borrow cash. What is the double entry of this transaction
and Notes Payable Inventory (a

+ ‐ ‐ +
10,000 10,000


+ ‐ ‐ +
10.000 10,000


+ ‐ ‐ +
10,000 10,000

and Notes Payable cash (d

+ ‐ ‐ +
10,000 10,000

4
On February 17, Hatcher Company purchased $5000 of office supplies on (11
?account from SOS Supply Company. What is the double entry of this transaction
Supplies and Accounts Payable (a

+ ‐ ‐ +
5,000 5,000

Supplies and Notes Payable (b

+ ‐ ‐ +
5,000 5,000

Supplies and Withdrawals (c

+ ‐ ‐ +
5,000 5,000

Salaries payable and Supplies (d

Debit Credit Credit Debit
‐ + ‐ +
5,000 5,000
On September 4, Hatcher Company paid $8000 salaries for employees who (12
?worked in the company. What is the double entry of this transaction
5
Cash and Capital (a

+ ‐ ‐ +
8,000 8,000


+ ‐ ‐ +
8.000 8,000


+ ‐ ‐ +
8,000 8,000

Cash and Salaries Payable (d

+ ‐ ‐ +
8,000 8,000
On September 20, Hatcher Company paid $4,500 cash dividends to its owner. (13
?What is the double entry of this transaction
Cash and Capital (a

+ ‐ ‐ +
6
4,500 4,500


+ ‐ ‐ +
4,500 4,500

and Dividends Cash (c

+ ‐ ‐ +
4,500 4,500


+ ‐ ‐ +
4,500 4,500
On October 10, Hatcher Company paid SOS Supply Company the $5000 owed (14
from purchasing office supplies on account. What is the double entry in this
?transaction
Cash and Capital (a

+ ‐ ‐ +
5,000 5,000

7
and Account Payable cash (b

+ ‐ ‐ +
5.000 5,000


+ ‐ ‐ +
5,000 5,000


+ ‐ ‐ +
5,000 5,000
On December 18, Hatcher Company received a $1,500 bill from creative Ads (15
for advertisements which had appeared in regional magazines, Hatcher plans to
?pay the bill later. What is the double entry in this transaction
Account Payable and Advertising Expense (a

+ ‐ + ‐
1,500 1,500

Account Payable and Revenue (b

8
+ ‐ ‐ ‐
1,500 1,500


+ ‐ ‐ +
1,500 1,500


+ ‐ ‐ +
1,500 1,500

.of the following is the correct accounting equation which (16
a) Asset = liabilities‐ owner’s equity
b) Asset=liabilities + owner’s equity
c) Profit = revenue‐expense
d) Liabilities – owner equity
.account Which of the following accounts is record as an asset (17
a) Capital
b) Cash
c) Wages payable
d) Withdrawals
.account a liabilities Which of the following accounts is record as (18
a) Accounts payable
b) Revenue
9
c) Building
d) Land
.account Which of the following accounts is record as an owner’s equity (19
a) Equipment
b) Land
c) Tax payable
d) Capital
owner’s If Helen company assets are $ 220,000 and liabilities are $ 105,000, Calculate the (20
?amount equity
a) $ 115,000
b) $ 325,000
c) $ 220,000
d) $ 105,000
the calculate the amount of ,$93,000 If Bob company liabilities are $102,000 and equity is (21
?assets company’s
a) $195,000
b) $9000
c) $93,000
d) $102,000
calculate the amount ,450,000$ and total assets are If Malibu Company equity is $140,000 (22
?of total liabilities
a) $450,000
b) $140,000
c) $310,000
d) $590000
Jim Ro, the owner, contributed $20,000 cash to start the business. What is the accounts (23
? involved
.a) Cash (asset) increased by $20,000 and Jim Ro, capital (equity) increased by $20,000
.b) Cash (asset) decreased by $20,000 and Jim Ro, capital (equity) decreased by $20,000
10
.$20,000 by decreased capital (equity) ,by $20,000 and Jim Ro Cash (asset) increased (c
.effected d) Asset and equity will not
? involved cash. What is the accounts 1000$ paying Jim Ro firm, purchased supplies (24
.a) Cash (asset) increased by $1000 and supplies (asset) increased by $1000
.by $1000 and supplies (asset) increased by $1000 b) Cash (asset) decreased
.by $1000 and supplies (asset) decreased by $1000 c) Cash (asset) decreased
. effected d) Asset will not
?involved is the accounts What .Jim Ro firm, purchased equipment for $15,000 cash (25
.and equipment (asset) decreased by $15,000 a) Cash (asset) increased by $15,0000
.asset) increased by $15,000)equipment b) Cash (asset) increased by $15,000 and
.c) Cash (asset) decreased by $15,000 and equipment (asset) increased by $15,000
.effected d) Asset will not
is the What .company on account Robex from $10,000 machines by Jim Ro firm, purchased (26
?involved accounts
by increased (a) Machines (asset) increased by $10,000 and account payable (liability
.$10,000
b) Machines (asset) increased by $10,000 and account payable (liability) decreased by
.$10,000
c) Machines (asset) decreased by $10,000 and account payable (liability) increased by
.$10,000
d) Machines (asset) decreased by $10,000 and account payable (liability) decreased by
.$10,000
?involved is the accounts American Bank. What from 1st 5,000$ borrowed Jim Ro firm (27
.a) Cash (asset) increased by $5,000 and notes payable (liability) decreased by $5,000
.b) Cash (asset) decreased by $5,000 and notes payable (liability) increased by $5,000
.c) Cash (asset) decreased by $5,000 and notes payable (liability) decreased by $5,000
.d) Cash (asset) increased by $5,000 and notes payable (liability) increased by $5,000
Account receivable of $50,000, , Robin Company has cash of $150,000 Assume that (28
building of $300,000, Account payable $25,000, , Equipment of $100,000, land of $400,000
Notes payable $50,000, Wages payable $36,000, Taxes payable $30,000, , capital $200,000,
11
?amount of Robin Company asset total Investment $150,000. What is
a) $116,000
b) $1000,000
c) $350,000
$700,00(d
Account receivable of $50,000, , Company has cash of $200,000 Aroma Assume that ( (29
,50,000$ building of $300,000, Account payable , land of $500,000 ,Equipment of $100,000
,100,000$ capital , ,payable $25,000 Taxes ,Wages payable $30,000 ,$70,000 Notes payable
?Aroma Company Liabilities Investment $150,000. What is total amount of
a) $1,150,000
850,000$ (b
c) $175,000
$250,000(d
Assume that Aroma Company has cash of $200,000 , Account receivable of $50,000, ( (30
Equipment of $100,000, land of $500,000 , building of $300,000, Account payable $50,000,
Notes payable $70,000, Wages payable $30,000, Taxes payable $25,000, , capital $100,000,
?Company Owner equity Investment $150,000. What is total amount of Aroma
a) $1,150,000
b) $850,000
c) $175,000
$250,000(d
Q2) Read each of the following statements to determine
.Justify your answer .whether the statement true or false
12
.Each account has a specific side that is its normal balance side (1
For every debit entry made in one account, a credit entry must be in (2
.another account
Double‐entry accounting is the recordkeeping system in which each (3
.business transaction affects at least one account
.Asset accounts are increased on the credit side (4
.Liability and capital accounts are decreased on the credit side (5
If the accounting equation is not balance after a transaction has been (6
recorded, one reason may be that the debit or credit part of transaction
.was not recorded
When you analyzing business transactions, you should ask yourself (7
.which accounts are affected
.The normal balance side of an owner’s capital account is the debit side (8
A credit to an asset account will decrease the account, while a credit to (9
.a liability account will increase that account
.Credit means to decrease a liability (10
Q3) Analyze the following transaction for Rivera Manufacturing
:Company by completing the table
.Supply Company for $1000 cash bought office supplies from Sophia Rivera CO (1
13
.Company on account for $2500 sold a used machine to Marina Rivera CO (2
purchased equipment for $10,000 on account from West American Office Rivera CO (3
.Equipment Company
.cash to West American Office Equipment Company $10,000 Rivera CO paid (4
.Company Rivera CO received $2500 cash from Marina (5
.American Bank Rivera CO borrowed $25,000 from 1st (6
.Trans Which What is the Is each Which Which

accounts classification account account is account
.No
are increased debited is
Of each
?affected or and for credited
?account
?decreased what and for
?amount what
?amount
1
14
Q4) According to the following data prepare the income statement
:of Collins Consultants
Consulting revenue $30,400 Interest revenue $360
Salaries expense $3,200 Advertising expense $900
Interest expense $1,100 Depreciation expense $4,000
Rent expense $1,500 Supplies expense $725
Q5) Identify the normal balance for each of the following accounts
:by indicating Debit or Credit
Cash in Bank ……………………… (1
.Equipment …………………… (2
.Revenue …………………… (3
.Supplies …………………… (4
.Capital …………………… (5
Notes Payable ……………………… (6
Account Payable ……………………… (7
..Common stock …………………… (8
Building ……………………… (9
..Land …………………… (10
15
Model Answer
Q1
1b
2d
3b
4a
5c
6a
7d
8a
9a
10b
11a
12d
13c
14b
16
15a
16b
17b
18a
19d
20a
21a
22c
23a
24b
25c
26a
27d
28b
29c
30d
(Q2
True (1
TRUE (2
(False (Affects at least two accounts (3
(False (on the debit side (4
(False (on the debit side (5
True (6
True (7
17
(Credit side) False (8
True (9
(False (increase a liability (10

. (Q3
.Trans Which What is the Is each Which Which

accounts are classification account account is account
.No
?affected increased or debited is
Of each
?decreased and for credited
?account
what and for
?amount what
?amount
1 Supplies Asset Increased $1000 0
Cash Asset Decreased 0 $1000
18
2 A/R Asset Increased $2,500 0
Machines Asset Decreased 0 $2,500
3 Equipment Asset Increased $10,000 0
A/P liability Increased 0 $10,000
4 Cash Asset Decreased 0 $10,000
A/P Liability Decreased $10,000 0
5 Cash Asset Increased $2,500 0
A/R Asset Decreased 0 $2,500
6 Cash Asset Increased $25,000 0
N/P Liability Increased 0 $25,000
19
20
(Q4
(Q5
Debit (1
Debit (2
Credit (3
Debit (4
Credit (5
Credit (6
Credit (7
Credit (8
21
Debit (9
Debit (10
22

4th Acc Rev Part 1&2 2022

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Accounting

.Trans Which What is the Is each Which Which

.Trans Which What is the Is each Which Which

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