Sec 3E HBL T3 Week 4

Sec 3E HBL T3 Week 4

9th Grade

15 Qs

quiz-placeholder

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Sec 3E HBL T3 Week 4

Sec 3E HBL T3 Week 4

Assessment

Quiz

Business

9th Grade

Medium

Created by

Tuang Yong

Used 3+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Cash of $2000 withdrawn from the business' bank for office use.

+Equipment

-Cash at bank

+Equipment

-Cash in hand

+Cash at bank

-Cash in hand

+Cash in hand

-Cash at bank

Answer explanation

Money for office use is referring to Cash in hand.

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Received an invoice of $5000 for goods from Ace Trading.

This is a credit transaction involves in buying of goods.

This is a cash transaction involves in buying of goods

This is a credit transaction involves in the selling of goods

This is a cash transaction involves in the selling of goods

Answer explanation

Invoice is always from the seller. So when a business received the invoice, it must be from the supplier involving a buying

3.

MULTIPLE SELECT QUESTION

45 sec • 2 pts

Invoice of $5000 was issued to Tan for goods costing $3800. Which of the followings is/are correct. You may choose more than 1 answer.

+Sales revenue 5000

+Cash at bank 5000

+Inventory 3800

-Cost of sales 3800

+Cost of sales 3800

-Inventory 3800

+Trade receivable 5000

+Sales revenue 5000

Answer explanation

4 entries to be recorded for selling of goods.

Selling price of goods sold on credit (invoice issued) involves

Sales revenue & Trade receivable

Cost price of the goods sold involves Cost of sales and Inventory

4.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Credit note, $900, received for goods returned.

+Sales returns 900

-Trade receivables 900

-Trade receivables 900

-Sales revenue 900

+ Trade payable

900

+Inventory 900

-Trade payable 900

-Inventory 900

Answer explanation

Credit note is used for returning of goods. It is received from a supplier, thus showing that business has returned goods to a supplier

5.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Owner used his personal cheque to pay for business insurance of $1800.

+Insurance 1800

- Cash at bank 1800

+Drawings 1800

+Insurance 1800

+Drawings 1800

-Cash at bank 1800

+Insurance 1800

+Capital 1800

Answer explanation

Whenever the owner brings in his personal items into the business, it will be additional capital (+)

6.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Rent income of $5600 received was wrongly recorded as $6500 in the business' books.

+Rent income 900

+Cash at bank 900

-Rent income 900

+Cash at bank 900

-Rent income 900

-Cash at bank 900

+Rent income 900

-Cash at bank 900

Answer explanation

Correct value for rent received was $5600 but was recorded as $6500. Meaning recorded $900 too much, so to correct, must -rent $900 and - cash at bank $900

7.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

Interest expense of $400 paid by cheque was recorded as Dr interest expense $40 and Cr Cash at bank $40. To corrrect......

-Interest expense 360

-Cash at bank 360

+Interest expense 360

-Cash at bank 360

+Interest expense

360

+cash at bank 360

-Interest expense 360

+Cash at bank 360

Answer explanation

Since the amount paid and recorded was too little, to correct, expense must increase, so +rent. Cash at bank was deducted too little, so must minus so more.

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