Bookkeeping

Bookkeeping

10th Grade

10 Qs

quiz-placeholder

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Bookkeeping

Bookkeeping

Assessment

Quiz

Business

10th Grade

Medium

Created by

Chloe Chia

Used 5+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is not an asset?

Buildings

Cash in hand

Accounts receivable

Loan

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following best describes a trial balance?

It shows the financial position of a business

It is a special account

It shows all the entries in the books

It is a list of balances on the books

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Gross profit is_________________.

Net profit - expenses

Cost of goods sold + opening inventory

Sales - purchases

Revenue - cost of goods sold

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following best describe a Balance Sheet?

It shows the financial position of a business.

It is a special account.

It shows the profit or loss of a business.

It is a list of balances on the books.

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The statement of _____________

shows the profitability of the business

Cash flows

Profitability

Financial Position

Profit or Loss

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Mr A purchased goods on credit from Mr B but then returned them as they were faulty.


Which of the following statements would be true?

Mr A would send a credit note to Mr B

Mr A would send an invoice to Mr B

Mr B would send a credit note to Mr A

Mr B would send an invoice to Mr A

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is recorded in the purchases ledger?

Account Payable

Account receivables

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