C14: Equities (Only SP)

C14: Equities (Only SP)

12th Grade

14 Qs

quiz-placeholder

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C14: Equities (Only SP)

C14: Equities (Only SP)

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Tuan Ang

Used 2+ times

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14 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Transactions that only affect the owner of a business will not be recorded in the books of the business. This is an application of which accounting theory?

Monetary

Going concern

Accounting entity

Accounting period

2.

FILL IN THE BLANK QUESTION

45 sec • 1 pt

Resources contributed by the owner for business use are recorded as ______________.

3.

FILL IN THE BLANK QUESTION

45 sec • 1 pt

_____________ are withdrawals by owner from business assets for personal use.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Jess took goods to be given as gift to her friend. What is the double entry?

Dr Drawings

Cr Capital

Dr Drawings

Cr Goods

Dr Capital

Cr Drawings

Dr Drawings

Cr Inventory

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the double entry for the transfer of LOSS from income summary to capital

Dr Income Summary

Cr Capital

Dr Loss

Cr Capital

Dr Capital

Cr Income Summary

Dr Capital

Cr Loss

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Jess took a personal bank loan and used the proceeds to pay for the business's rental expense. What is the double entry

Dr Rental expense

Cr Bank loan

Dr Rental expense

Cr Capital

Dr Bank loan

Cr Capital

Dr Capital

Cr Bank loan

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Jess took goods to be given as free sample to her customers. What is the double entry?

Dr Advertising expense

Cr Drawings

Dr Drawings

Cr Advertising expense

Dr Drawings

Cr Inventory

Dr Advertising expense

Cr Inventory

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