Financial Accounting Quiz

Financial Accounting Quiz

University

50 Qs

quiz-placeholder

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Financial Accounting Quiz

Financial Accounting Quiz

Assessment

Quiz

Mathematics

University

Hard

Created by

Taofik Abass

FREE Resource

50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A debit entry in a fix asset account represents

an increase in the fixed asset account

a decrease in the fixed asset account

a profit on disposal of the fixed asset

a loss on disposal of the fixed asset

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When bank charges are discovered in a bank statement, the adjustment is effected in the

bank reconciliation statement

cash book

suspense account

bank loan account

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The double entry for interest on drawing by a partner is: debit

Partner's Current Account

Profit and Loss Account; Credit Interest Account

Appropriation Account; Credit Partner's Current Account

Interest Account; Credit Profit and Loss Account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A credit purchase of GH¢ 200 from Osae was posted to the account of Osei. This is an error of

principle

commission

omission

original entry

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The net figure for debtors in the balance sheet is

Le 47,025

Le 46,550

Le 45,600

Le 45,500

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The provision for doubtful debts to be charged to profit and Loss Account is

Le 2,500

Le 2,475

Le 2,450

Le 1,000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An office equipment bought for use was found to be defective and returned to the supplier. The subsidiary book to record this transaction is

returns outward journal

returns inwards journal

purchase journal

general journal

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