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Yr 11 Unit 1 Accounting Revision

Authored by Jeremy Prevett

Business

11th Grade

Used 8+ times

Yr 11 Unit 1 Accounting Revision
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41 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Working Capital Ratio is a financial indicator that measures

Stability

Liquidity

If the business can pay all of its accounts

All of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Debt Ratio is a

Liquidity Indicator

Stability Indicator

Both a LIquidity and Stability Indicator

None of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owner pays for a family holiday using the business' funds. The effect of this transaction would be to

Increase Bank and Increase Inventory

Decrease Bank and Increase Drawings

Decrease Capital and Decrease Drawings

Decrease Inventory and Increase Drawings

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A Vehicle purchased by the business is reported as a

Asset

Current Asset

Non Current Asset

None of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following does not represent the Accounting Equation

A-L=OE

A+L=OE

L+OE=A

OE=A-L

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The busines shas a 10 000 loan that is repayable $250 per month. This would be classified as

Liability for $10 000

A current liability of $250 and a non current liability of $9 750

A current liability of $7 000 and a non current liability of $3 000

A current Liability of $3 000 and a non current liability of $7 000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The rule of double entry means that

every transaction effects at least 2 items

after recording transactions the accounting equation should balance

All of the above

none of the above

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