Identify which is a current liability.

June 2023 Variant 1

Quiz
•
Business
•
10th Grade
•
Medium
Ross Cornes
Used 3+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Cash in hand
Inventory
Trade receivables
Trade payables
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify the book of original entry in which irrecoverable debts are recorded.
Cash book
Journal
Purchases day book
Sales day book
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify in which book of original entry a credit note received by a trader would
be recorded.
Purchases day book
Purchases returns day book
Sales day book
Sales returns day book
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify the type of error when a sales invoice for $500 is entered in the sales day
book as $450.
Commission
Compensating
Original entry
Principle
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Identify what will be confirmed by preparing a trade payables ledger control account.
All purchase invoices have been posted
All supplier payments have been processed
Entries have been posted to the correct personal accounts
The closing balance agrees with the total of individual balances
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify the main purpose of providing depreciation on non-current assets.
To know the profit or loss on disposal
To provide funds for the replacement of the asset
To show the market value of the asset
To spread the cost of the asset over its useful life
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify the accounting concept being described.
“Financial statements can record only information that has a monetary value”
Business entity
Materiality
Money measurement
Prudence
Create a free account and access millions of resources
Similar Resources on Wayground
14 questions
Accounting Basics

Quiz
•
9th - 10th Grade
13 questions
Chapter 16 Control accounts

Quiz
•
10th - 11th Grade
10 questions
Special Journals - Accounting

Quiz
•
9th - 12th Grade
10 questions
Accounting Cycle

Quiz
•
9th - 12th Grade
15 questions
NRF Customer Service - Quiz 1

Quiz
•
9th - 12th Grade
15 questions
Business Entrepreneurship - FINAL EXAM

Quiz
•
9th - 10th Grade
10 questions
Journals

Quiz
•
10th Grade
15 questions
Chp 2 - Debit & Credit Rules ( Yes or No)

Quiz
•
KG - Professional Dev...
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade