Which statements about book-keeping and accounting are correct?

ACCT1_2

Quiz
•
Financial Education
•
10th Grade
•
Hard
montvictoria victoria
FREE Resource
10 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Accounting is performed periodically rather than daily.
Accounting relies on having accurate book-keeping records.
Book-keeping includes the preparation of financial statements.
Book-keeping involves the recording of financial transactions.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What increases owner’s capital?
bank loan extended from five to ten years
purchase of inventory on credit
purchase of machinery by cheque
transfer of vehicle to business from private use
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Carl, a trader, took goods from the business for his own use. These goods had cost $100, and $8 carriage had been paid for them to be delivered to the business.
How would this be recorded in Carl’s accounts in the books of the business?
debit Carl’s capital account $100
debit Carl’s capital account $108
debit Carl’s drawings account $100
debit Carl’s drawings account $108
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Shula’s financial year ends on 31 March. On 1 April 2021 there was a credit balance of $100 on Yasmin’s account in Shula’s purchases ledger.
What does this mean?
Shula had paid $100 to Yasmin.
Shula owed $100 to Yasmin..
Yasmin had paid $100 to Shula.
Yasmin owed $100 to Shula.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Hasina buys radios from Nazneen at a list price of $10 each. Hasina bought 12 radios and was offered 20% trade discount and 4% cash discount. Two radios were faulty and were returned to Nazneen.
What was the total of the credit note issued by Nazneen?
$15.36
$16.00
$19.20
$20.00
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which items would be recorded in the general journal of a bakery?
correction of an error of principle relating to an oven repair
purchase of a delivery vehicle on credit
purchase of flour on credit
return by a customer of a faulty batch of bread
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Alisha entered the credit notes she received in March in the correct returns journal. How was the total of this journal recorded in the ledger at the end of the month?
credit purchases returns account
credit sales returns account
debit purchases returns account
debit sales returns account
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