3N EOY Revision 01

3N EOY Revision 01

9th - 12th Grade

9 Qs

Student preview

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3N EOY Revision 01

3N EOY Revision 01

Assessment

Quiz

Created by

Wai Quin

Business

9th - 12th Grade

3 plays

Hard

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This stakeholder uses accounting information to decide whether to sell on credit to the business or not.

Who is this stakeholder?

Manager

Employee

Supplier

Lender

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Name the two professional ethical values that accountants should have. [To pick more than one option.]

Integrity

Honesty

Objectivity

Unbiased

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the correct sequence in the accounting information system?

Source document - Ledger - Journal - Financial statements - Trial balance

Source document - Journal - Ledger - Trial balance - Financial statements

Ledger - Journal - Source document - Financial statements - Trial balance

Journal - Ledger - Source document - Trial balance - Financial statements

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following correctly explains what assets are?

Assets are resource owed by the business.

Assets are resource owed by the business that are expected to provide future benefits.

Assets are resource owned by the business.

Assets are resource owned by the business that are expected to provide future benefits.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Given that total assets = $20 000 and total liabilities = $15 000, calculate equity.

Equity = Total assets = 20000

Equity = Total assets - Total liabilities = 20000 - 15000

Equity = Total liabilities = 15000

Equity = Total liabilities - Total assets = 15000 - 20000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business gives a discount to a customer for paying early.

What is this discount known as?

Discount allowed

Discount received

Trade discount

Trade agreement

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the purposes of a trial balance? [To pick more than one option.]

To facilitate the preparation of source documents

To ensure mathematical accuracy in recording

To facilitate the preparation of financial statements

To ensure arithmetic accuracy in recording

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(i) A business bought goods on credit.

(ii) The business paid the amount owed with a cheque a week later.

Name the source documents used in (i) and (ii).

(i) invoice (ii) payment voucher

(i) invoice (ii) bank statement

(i) debit note (ii) payment voucher

(i) debit note (ii) bank statement

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

(i) A business returned goods previously bought on credit to the supplier.

(ii) The business sold some goods and received a cheque.

Name the source documents used in (i) and (ii).

(i) credit note (ii) bank statement

(i) debit note(ii) bank statement

(i) credit note (ii) receipt

(i) debit note (ii) receipt