June 2023 Variant 1

June 2023 Variant 1

10th Grade

10 Qs

quiz-placeholder

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June 2023 Variant 1

June 2023 Variant 1

Assessment

Quiz

Business

10th Grade

Medium

Created by

Ross Cornes

Used 3+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identify which is a current liability.

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

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