
4 Business Recovery Group
Quiz
•
Business
•
12th Grade
•
Medium
Ana Garcia
Used 5+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
1. A trader had an opening capital of $3 900. If his drawings were $900 and his closing capital was $4 860, what was his net profit?
$900
$960
$1,860
$3,000
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
1. A company’s rent expense account had an opening debit balance of $2 000. During the year $6 000 was paid for rent. At the end of the year there was a closing debit balance of $1 500 in the account.
What was the rent expense recorded for the year?
$9,500
$7,500
$6,500
$6,000
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following terms describes the exchange of goods and services?
Trial Balance
Balance Sheet
Journal
Transaction
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following BEST describes the ‘double entry’ system of accounting?
A ledger account must have two sides.
An account must be written twice in the ledger.
Each transaction must be written in two subsidiary books
Each transaction must have a debit entry and a credit entry
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following items are examples of current liabilities?
I. Mortgages
II. Accounts payable
III. Accrued wages
II and III only
I and III only
I and II only
I, II and III only
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following is usually used to complete a general journal entry?
Narration
Description of assets
Description of liabilities
Name of book to which entry must be posted
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The Cash Book is BEST used for recording
Goods sold for cash
Goods returned for cash
Goods purchased for cash
Cash receipts and cash payments
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