ACCA Knowledge Level The Mechanics of the Accounting Process — practice questions
13 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice ACCA Knowledge Level The Mechanics of the Accounting Process in the app →In the journal, the terms "debit" and "credit" most precisely refer to which of the following?Under the rules of debit and credit, when a business pays cash out, what happens to the Cash account?When a revenue account such as Fees Earned increases because income is earned, the account is:When journalizing a transaction, which account is conventionally entered first and on which line?On 1 June a company pays $2,000 rent for the month. What is the correct journal entry?On 5 June a customer pays $800 cash for a service the company provided that day. What is the correct journal eWhat is the defining difference between the journal and the ledger?The process of copying entries from the journal to the ledger is called:A Cash ledger has a running debit balance of $5,000. A credit entry of $1,200 is posted. What new balance appeWhen posting, what should never appear as a running balance in a ledger account?A Cash ledger shows these postings in order: debit 6,000; credit 2,000; credit 1,000; debit 5,000; credit 1,00What is meant by the "normal balance" of an account?A trial balance shows Cash $3,000, share capital $2,000, Fees Earned $1,900, and Supplies Expense. If the tria