Which of the following financial statements shows the value of a business assets?
January 2025 CSEC POA Question 1-38

Quiz
•
Business
•
9th - 12th Grade
•
Hard
Kerwin Alexander
FREE Resource
38 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Trading account
Cash flow statement
Profit and loss account
Statement of financial position
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following formulae is used to calculate take-home pay?
Gross pay - Deductions
Net pay + Deductions
Net pay + Gross pay
Gross pay - Net pay
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Partnerships are formed for the purpose of
I, II and III
I and II only
combining capital from different persons
benefitting from different skills and specializations
sharing ideas, experiences and responsibilities
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following features of a partnership states that the actions of one partner binds all other partners?
Mutual agency
Unlimited liability
Voluntary association
Co-ownership of property
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Into which of the following accounts is the difference entered when a trial balance fails to agree?
Control
Reserve
Suspense
Provision
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following represents the correct statement of financial position equation for calculating the value of assets?
Assets = Capital
Assets + Liabilities
Capital - Liabilities
Liabilities + Capital
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following entries would NOT appear in a cash book?
Payment for goods
Goods sold on credit
Goods bought for cash
Cheques received for goods
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