Which transaction will increase both assets and capital by the same amount?
UNIT 1: The fundamentals of accounting

Quiz
•
Business
•
10th Grade
•
Hard
Hassan Rameez
Used 55+ times
FREE Resource
21 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
A credit customer settled his account after deducting a cash discount.
Goods were sold for cash at a price higher than their cost price.
Rent received included an amount prepaid for the next accounting period
The owner repaid a business loan from his personal bank account.
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which task would be carried out by a book-keeper?
comparison of financial statements between years
preparation of financial statements
provision of information for decision-making
recording financial transactions
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is prepared by a book-keeper?
appropriation account
cash book
income statement
statement of financial position
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which item is an asset?
an amount owing to credit suppliers
interest accrued on bank loan
rent received in advance from tenant
an amount owing by credit customers
5.
FILL IN THE BLANK QUESTION
5 mins • 1 pt
The value of assets in the form of cash or inventory withdrawn from a business by the owners for personal use.
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which statement is correct?
The accountant prepares the trial balance and the book-keeper prepares the financial statements.
The accountant writes up the journals and the book-keeper writes up the ledger accounts
The book-keeper writes up the journals and the accountant prepares the trial balance.
The book-keeper writes up the ledger accounts and the accountant prepares the financial statements.
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which formulas may be used for the accounting equation?
1. assets = owner’s equity minus liabilities
2. liabilities = assets minus owner’s equity
3. owner’s equity = assets plus liabilities
4. owner’s equity plus liabilities = assets
1 and 2
1 and 3
2 and 4
3 and 4
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