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SingaporeAccountingQuick questions
The Double-Entry System
Quick questions on The five elements and classification: N(A)-Level Principles of Accounts
4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What are the five elements?Show answer
Every account in the ledger belongs to exactly one of these five.
What is q1?Show answer
State the element to which "trade payables" belongs. [1 mark]
What is q2?Show answer
Classify "commission received" and "commission paid" into their elements. [2 marks]
What is q3?Show answer
Explain why purchases of goods for resale are treated as an expense and not an asset. [2 marks]
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