23.10.18 Bookkeeping Recap

23.10.18 Bookkeeping Recap

Professional Development

18 Qs

quiz-placeholder

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23.10.18 Bookkeeping Recap

23.10.18 Bookkeeping Recap

Assessment

Quiz

Business

Professional Development

Medium

Used 3+ times

FREE Resource

18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the accounting equation?

Assets + liabilities = capital

Assets - liabilities = capital

Assets + capital = liabilities

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The imprest system is where the petty cash tin is topped up whenever it gets low, regardless of the date.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A decrease in an asset account is a credit

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A liability is represented by what balance?

Debit

Credit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the statement of profit or loss equation?

Income - Expense = Profit

Income plus expense = profit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you increase your bank loan by £5,000 is it a debit or a credit?

Debit

Credit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What would be included within the receivables ledger?

Sales

Receivables ledger control

T Limited (Trade receivable)

A Smith (Trade payable)

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