Credit transactions

Credit transactions

11th - 12th Grade

15 Qs

quiz-placeholder

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Credit transactions

Credit transactions

Assessment

Quiz

Business

11th - 12th Grade

Medium

Used 85+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a transaction in which goods and services are provided now and paid later is a ....

cash transaction

credit transaction

illegal transaction

theft

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The source document for a credit transaction is ...

a receipt

a cheque

a memorandum

an invoice

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Customers that owe a business money are called

accounts payable

accounts receivable

assets

Liabilites

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounts payable are treated as ....

assets

liabilities

current assets

current liabilities

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppliers that a business owes money are called ...

accounts receivable

accounts payable

liabilites

assets

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounts receivable are treated as....

assets

liabilities

current assets

current liabilities

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Source documents are vital in ensuring....

relevance

verifiability

faithful representation

comparability

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