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Unit 4 Topic 2 What do you know?

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Business

12th Grade

Used 6+ times

Unit 4 Topic 2 What do you know?
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18 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an example of a source document?

bank statement

business card

tax invoice

adjustment note

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the final step in the accounting process?

reversing entries

balance day adjustments

end of period reports

closing entries

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identify the accounts in the following transaction:

Sold goods on credit $770 (GST inclusive) with a cost price of $500.

Sales, GST Collected, Accounts Receivable

Sales, Accounts Receivable, GST Collected, Inventories, COGS

Sales, Inventories, Accounts Receivable, GST Credits Received, COGS

Accounts Payable, GST Collected, Sales, Inventories, COGS

4.

FILL IN THE BLANK QUESTION

2 mins • 1 pt

List 3 types of balance day adjustments

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Identify the DEBIT accounts in the following transaction:

Paid electricity $66

Electricity, GST Collected

Electricity

Electricity, GST Credits Received

Electricity, GST Credits Received, Cash

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a form of a ledger?

general ledger

accounts receivable ledger

stock ledger card

control ledger

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the most common inventory costing method?

FIFO

LIFO

Weighted Average

Standard Cost

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