QUIZ 2-AA015 (CHAP 3,5,6&7)

Quiz
•
Other
•
12th Grade
•
Easy
NORKHAIRUL AZLINA BM
Used 48+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What will be the next process after a business transaction has occurred?
Posting to general ledgers.
Recording into journals.
Preparing Trial Balance.
Preparing Statement of Comprehensive Income.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following source documents should be issued by the seller upon the return of defected goods by the customer?
Debit note.
Receipt.
Credit note.
Invoice.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is INCORRECT regarding Purchases Journal?
It shows the subsidiary of Accounts Payable.
It provides the account balance.
Each entry should begin with transaction date.
It shows the total of purchases at the end period.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The steps in preparing a Trial Balance include all of the following; EXCEPT
listing the account titles and their balances.
totalling the debit and credit columns.
proving the equality of two columns.
transferring journal amounts to ledger accounts.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Under the accrual basis of accounting; revenues are reported in the accounting period when the
cash received from the customer.
end of the month or year.
expenses are greater than revenues.
service or goods have been delivered.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
‘Unearned Rental Revenue’ is in which account classification group?
Current asset.
Current liabilities.
Fixed assets.
Owner’s equity.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is the correct adjustment entry to record depreciation expense at the end of the accounting period?
DEBIT to depreciation expense, CREDIT to cash
DEBIT to accumulated depreciation, CREDIT to expense depreciation
DEBIT to depreciation expense, CREDIT to accumulated depreciation
DEBIT to accumulated depreciation, CREDIT to cash
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