Accounting Quiz

The MAIN internal users of accounting information are

• Managers

• Competitors

• Local communities

• Government agencies

From the information given, Mr. Jones’ capital amount is:

1. Cash at bank 800 Unpaid Electricity 350 Inventory 400

Payables 600 Receivables 125 Cash in hand 380

500

• $405

• $850

• $450

• $755

Which of the following items are examples of current liabilities?

• capital

• Accrued wages

• Receivables

• Mortgages

Which of these are books of Original Entry?

• Ledger

• Debit note

• Capital Account

• Cash Book

When a proprietor withdraws cash or other assets from a business for his personal use, he is violating the _______ concept

• Going concern

• Consistency

• Separate entity

• prudence

Jay is part owner of a business which also has two additional owners. What type of business is it?

• Cooperative society

• Partnership

• Sole trader

• Limited company

What is a current asset of a sports goods shop?

• Stock of footballs

• Bank overdraft

• Fixtures and fittings

• Shop premises

What is the purpose of book-keeping?

• To record all the financial transactions of the business on a daily basis

• To prepare financial statements at regular intervals

• To summarise the financial position of the business

• To interpret the double entry records

What is the purpose of a trial balance?

• To check the arithmetical accuracy of the ledger accounts

• To prepare financial statements at regular intervals

• To record all the financial transactions of the business on a daily basis

• To summarise the financial position of the business

Which of the following is an example of a fixed asset?

• Stock of footballs

• Bank overdraft

• Fixtures and fittings

• Shop premises