Accounting I Quiz I

Accounting I Quiz I

University

20 Qs

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Accounting I Quiz I

Accounting I Quiz I

Assessment

Quiz

Business

University

Medium

Created by

Lena Lalsee-Gaspard

Used 2+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

The MAIN internal users of accounting information are
managers
competitors
governments
local communities

2.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following states the correct order of the accounting cycle stages before Final Accounts?
Journalizing, Posting to Ledger, Trial Balance
Posting to Ledger, Trial Balance, Journalizing
Posting to Ledger, Journalizing, Trial Balance
Journalizing, Trial Balance, Posting to Ledger

3.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following listing of current assets is in order of permanency?
Debtors, bank, cash, stock
Cash, debtors, bank, stock
Bank, cash, debtors, stock
Stock, debtors, bank, cash

4.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following is usually used to complete a General Journal entry?
Narration
Description of assets
Description of liabilities
Name of book to which entry must be posted

5.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

Which of the following BEST describes the 'double entry' system of accounting?
A ledger account must have two sides.
An account must be written twice in the ledger.
Each transaction must be written in two subsidiary books.
Each transaction must have a debit entry and a credit entry.

6.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

In Mr. Chin's ledger, an entry on the debit side of the drawings account, followed by an entry on the credit side of the bank account means that Mr. Chin
puts money in the business's bank account
withdraws money from the bank for use in the business
uses money from his business' bank account for his personal use
withdraws money from his personal account for his personal use

7.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

A motor van was credited from A. G. Motors for use in the business. How should this be recorded?
Debit Motor Vehicle a/c; Credit Bank a/c
Debit Motor Van Expense a/c, Credit Bank a/c
Debit Purchases a/c, Credit A. G. Motors a/c
Debit Motor Vehicle a/c, Credit A. G. Motors a/c

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