The Accounting Elements

The Accounting Elements

12th Grade

11 Qs

quiz-placeholder

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The Accounting Elements

The Accounting Elements

Assessment

Quiz

Other

12th Grade

Practice Problem

Medium

Created by

Vicki Baron

Used 14+ times

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11 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Purchase of Inventory on Credit - the accounts affected are

Bank, GST, Inventory

Accounts Payable, GST and Inventory

Accounts Payable, GST Clearing and Inventory

ANY OF THE ABOVE

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Paid wages - accounts affected

Bank and Wages

Dr Bank, Cr Wages

Dr Wages, Cr Bank

Dr Wages Dr GST Clearing Cr Bank

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Paid Advertising

Dr Bank, Cr Advertising, Cr GST Clearing

Cr Bank, Dr Advertising, Dr GST Clearing

Cr Advertising, Dr GST Clearing Cr Bank

Cr Advertising, Cr GST Clearing Cr Bank

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Credit Sale of Inventory

Dr Bank and GST Clearing, Cr Sales, Inventory and Cost of Sales

Dr Accounts Receivable, Cost of Sales; Cr GST Clearing, Sales and Inventory

Dr Accounts Receivable, Cr GST Clearing, Sales

Cr Accounts Receivable, Dr GST Clearing, Sales

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Owner withdrew Inventory and Cash

Dr Inventory, Dr Bank Cr Owners Equity

Dr Inventory, Cr Bank Dr Capital

Dr Drawings, Cr Bank and Inventory

Cr Drawings, Dr Inventory and Bank

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An increase in a Liability is a

Debit

Credit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An increase in an expense is a

Debit

Credit

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