4 Business Recovery Group

4 Business Recovery Group

12th Grade

10 Qs

quiz-placeholder

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4 Business Recovery Group

4 Business Recovery Group

Assessment

Quiz

Business

12th Grade

Medium

Created by

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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