3N1 WA1: POA Topic 4a Double-Entry Recording

3N1 WA1: POA Topic 4a Double-Entry Recording

11th - 12th Grade

5 Qs

quiz-placeholder

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3N1 WA1: POA Topic 4a Double-Entry Recording

3N1 WA1: POA Topic 4a Double-Entry Recording

Assessment

Quiz

Mathematics

11th - 12th Grade

Hard

Created by

Lynn Han

Used 3+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is the expanded accounting equation?

Liabilities = Assets - Equity

Assets = Liabilities + (Capital + Income - Expense + Drawings)

Assets = Liabilities + (Capital + Income + Expense - Drawings)

Assets = Liabilities + (Capital + Income - Expense - Drawings)

2.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Select the two accounts and amounts reflecting the effects of the following transaction:

Owner took goods worth $100 from the business for personal use.

Drawings

- $100

Drawings

+ $100

Inventory

- $100

Inventory

+ $100

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The following balances were extracted from the business' books:

Cash in hand $500

Trade receivables $1,200

Trade payables $700

Office equipment $6,600

Inventory $2,000

Bank overdraft $1,600

Equity $?

Calculate the equity of the business.

$7,000

$8,000

$9,400

$12,600

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Every business transaction will affect at least ________ accounts

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One of the double-entry recording rules: The total amount debited must ________ the total amount credited

equal

be more than

be less than

minus