Accounting accounts 3rd C 18022021

Choose the correct statement:

• A transaction is to record results

• A transaction is list of all the bank movements

• A transaction is any payment or any income received

Choose the correct answer: a source document is?

• Receipt

• Cancelled checks

• Invoices

• Bank deposits slips

• All the above are correct

Cash inflows are:

• Receipts

• Payments

Cash outflows are:

• Receipts

• Payments

Select the right concept of Double-entry

• Double-entry means than every business transaction affects at least four accounts

• Double-entry means than every business transaction affects at least two accounts

• Double-entry means than every business transaction must be recorded

Identify the Assets

• Cash

• Accounts Payable

• Vehicles

• Bank loans

Identify the Liabiliies

• Checks

• Accounts Payable

• Vehicles

• Interest Payable

• Bank Loans

A computer is:

• An asset

• A Liability

• Owner's Equity

Account receivable is:

• A Liability

• An asset

• Owner's Equity

Capital to start a business is:

• A Liability

• An asset

• Owner's Equity