Search Header Logo

Bookkeeping Assignment 4

Authored by 吴素琴 吴素琴

Business

2nd Grade

Used 4+ times

Bookkeeping Assignment 4
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

To find the value of closing inventory at the end of a period we

do this by stocktaking

look in the inventory account

deduct opening inventory from cost of sales

deduct cost of sales from sales

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following best describes a trial balance?

It shows the financial position of a business

It is a special account

It shows all the entries in the books

It is a list of balances on the books

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Gross profit is_________________.

Net profit - expenses

Cost of goods sold + opening inventory

Sales - purchases

Revenue - cost of goods sold

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Discount received are _____________.

Deducted when we received cash

Given by us when we sell goods on credit

Deducted for us when we pay our accounts

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is considered as liabilities?

Bank

Bank Overdraft

Buildings

Property

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Gross profit is calculated in the ________.

Trial Balance

Statement Of Financial Position

Income Statement

Cash Account

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The book of original entry is the definition of a __________.

Journal

Ledger

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?