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POA 19

Authored by M De Sormeaux

Other, Business

8th - 10th Grade

Used 29+ times

POA 19
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60 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A trader had an opening capital of $3,900. If his drawings were $900 and his closing capital was $4,860, what was his net profit?

$900

$960

$1,860

$3,000

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A company's rent expense account had an opening debit balance of $2,000. During the year $6,000 was paid for rent. At the end of the year there was a closing debit balance of $1,500 in the account.

What was the rent expense recorded for the year?

$6,000

$6,500

$7,500

$9,500

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a partnership which of the following transactions is compulsory?

Paying of salaries

Interest on captial

Interest on Drawings

Sharing of profits or losses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following terms describes the exchange of goods and services?

Journal

Transaction

Balance Sheet

Trial Balance

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following BEST describes the 'double entry' system of accounting?

A ledger account must have two sides

An account must be written twice in the ledger

Each transaction must have a debit entry and a credit entry

Each transaction must be written into TWO subsidiary books

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following items are examples of current liabilities?

I. Mortgages

II. Accounts Payable

III Accrued wages

I and II only

I and III only

II and III only

1,iii and III

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is usually used to complete a general journal?

Narration

Description of assets

Description of liabilities

Name of book to which entry must be posted

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