Introduction to Accounting
Quiz
•
Business
•
University
•
Practice Problem
•
Medium
Sandeep Singh Sikerwar
Used 16+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following statement is incorrect?
Assets - Capital = Liabilities
Liabilities + Capital= Assets
Liabilities + Assets = Capital
Assets - Liabilities = Capital
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is not an asset?
Buildings
Cash Balance
Debtors
Loan from K. Abdul
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is a liability?
Machinery
Creditors for goods
Motor vehicles
cash at bank
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following statements is correct?
We paid a creditor by cheque ( - Bank - Accounts payable)
A debtor paid us £90 in cash (+ Cash + Accounts receivable)
J. Hall lends us £500 by cheque (+ Bank - Loan from Hall)
Bought goods on time (+ Inventory + Capital)
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Given the following, what is the amount of Capital? Assets: Premises £20,000; Inventory £8,500; Cash £100. Liabilities: Accounts payable £3,000; Loan from A. Adams £4,000.
£21,100
£21,600
£32,400
£21,400
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is correct?
(I) and (II) only
(I), (II) and (III) only
(II), (III) and (IV) only
(I), (II) and (IV) only
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the balance on the following account on 31 May 2017?
A credit balance of £395
A debit balance of £380
A debit balance of £395
There is a nil balance on the account
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