
Extension - double entry (start of year)
Quiz
•
Business
•
10th - 12th Grade
•
Practice Problem
•
Medium
Ross Cornes
Used 2+ times
FREE Resource
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8 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
After the preparation of the Profit and Loss Account, the following balances were included in the books of the business.
equipment 17 600
Trade Payables 3 200
Trade Receivables 5 900
bank overdraft 800
Loan 600
Inventory 4 100
motor vehicles 2 500
What is the total of the assets?
$27 400
$30 100
$30 700
$30 900
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Smith sold goods on credit to Green.
What entries will Green make to record this?
account debited purchases
account credited Smith
account debited Smith
account credited purchases
account debited sales
account credited Smith
account debited Smith
account credited sales
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which entries are made in X’s ledger to record the payment by a customer of money owing to X?
account to be debited cash
account to be credited Trade Payable
account to be debited cash
account to be credited Trade Receivable
account to be debited Trade Payable
account to be credited Cash
account to be debited Trade Receivable
account to be credited Cash
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which is an asset?
a credit balance on a supplier’s account
a credit balance on the bank account
a debit balance on a customer’s account
a debit balance on the drawings account
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Money received from a customer is recorded in the debtor’s account and in the bank account.
Which accounting principle is being applied?
business entity
duality
matching
money measurement
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A business purchases a motor vehicle on credit.
What is the effect of this?
It increases non-current assets.
It increases owner’s capital.
It reduces net profit.
It reduces the bank balance.
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Sarah sublets part of her premises to Ruth.
A cheque for rent has been received from Ruth.
How will Sarah record this in her ledger?
account to be debited bank
account to be credited rent receivable
account to be debited rent receivable
account to be credited bank
account to be debited rent receivable
account to be credited Ruth
account to be debited Ruth
account to be credited bank
8.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The skill and knowledge of the workforce is not shown as an asset in the Statement of Financial Position (balance sheet) of a business.
Which accounting principle is being applied?
business entity
consistency
money measurement
prudence
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