This stakeholder uses accounting information to decide whether to sell on credit to the business or not.
Who is this stakeholder?
3N EOY Revision 01
Quiz
•
Business
•
9th - 12th Grade
•
Hard
Wai Quin
Used 3+ times
FREE Resource
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
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