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POA June 15, 2020

Authored by Lorna Graham-Sterling

Business

9th - 11th Grade

Used 4+ times

POA June 15, 2020
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60 questions

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1.

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A businessman offers a discount for prompt payment for goods purchased. Under which column in his three-column cash book would this discount be entered?

Bank

Cash

Discount Allowed

Discount Received

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following accounts are nominal?

Wages and Rent

Stock and Debtors

Machinery and Plant

Creditors and Fixtures

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Trial Balance is prepared by using balances from the

Ledger

Journal

Sales Book

Purchases Book

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Mrs Smith does not keep proper records. She began her business with $10,000 in its bank account. She uses her vehicle and building worth $6,000 and $15,000 respectively as part of her business. Customers owe her $4,000. She withdrew $1,500 for personal use and owed creditors $2,000

What is the closing capital of the business?

$25,500

$28,500

$31,500

$33,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The working capital of A. Young ans Sons is $15,500. The total amount of current assets is $16,500. What is the total amount of current liabilites?

$1,000

$15,500

$16,500

$32,000

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What is the cost of goods sold?

$49,742

$50.653

$51,415

$53,103

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