What is the main function of book-keeping?

May/June 2023 (PAPER-12)

Quiz
•
Other
•
10th Grade
•
Hard
Sadhoo Green
FREE Resource
35 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
communicating information
interpreting information
recording information
summarising information
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which components of a statement of financial position do descriptions 1, 2 and 3 relate to?
1 finance and other resources that have been provided by the owner
2 money owed for goods supplied, unpaid expenses and loans made to the business
3 property owned by the business, amounts owed by customers, unsold goods and
money in the bank
assets capital liabilities
assets liabilities capital
capital assets liabilities
capital liabilities assets
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A cheque received from Kate, a credit customer, was dishonoured.
How was this dishonoured cheque recorded?
bank debited Kate credited
Kate debited bank credited
Kate debited sales credited
sales debited Kate credited
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the sales ledger of a business contain?
accounts of trade payables
accounts of trade receivables
sales account
sales ledger control account
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which action is an example of double entry book-keeping?
making a journal entry to record the correction of an error made in the ledger
making entries in the sales journal and the sales ledger to record goods sold on credit
recording a cheque paid to a trade payable in the cash book and purchases ledger
recording the purchase of goods on credit in the purchases journal and purchases account
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is true about cash discounts received?
A
B
C
D
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Tahir prepared a trial balance. He entered both the balance on the discount allowed account, $900, and the bank overdraft, $750, in the wrong column.
Which total of the trial balance was higher and what was the amount of the difference between the debit total and the credit total?
credit column 300
credit column 1650
debit column 150
debit column 3300
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