Effects of Transactions on Accounting Equation (Part 1)

Effects of Transactions on Accounting Equation (Part 1)

9th Grade

6 Qs

quiz-placeholder

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Effects of Transactions on Accounting Equation (Part 1)

Effects of Transactions on Accounting Equation (Part 1)

Assessment

Quiz

Business, Other

9th Grade

Hard

Created by

Sook Theng Fong

Used 24+ times

FREE Resource

6 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Jessica deposited $1,000 of her own cash into the business bank account.

Cash at bank +$1,000

Cash in hand +$1,000

Capital +$1,000

Capital -$1,000

2.

MULTIPLE SELECT QUESTION

1 min • 1 pt

The business obtained a loan of $20,000 from the bank.

Mortgage loan +$20,000

Loan from bank +$20,000

Cash at bank +$20,000

Cash in hand +$20,000

3.

MULTIPLE SELECT QUESTION

1 min • 1 pt

Mary owns a fashion retail outlet. The business purchased dresses worth $600 by cheque.

Fixtures & Fittings +$600

Inventory +$600

Cash at bank -$600

Cash in hand -$600

4.

MULTIPLE SELECT QUESTION

1 min • 1 pt

The business sold inventory and received $200 cash. The cost of the inventory was $80.

Sales revenue +$200

Cash in hand +$200

Cash at bank +$200

Cost of sales +$80

Inventory -$80

5.

MULTIPLE SELECT QUESTION

1 min • 1 pt

The business sold $1,500 worth of inventory on credit to a customer. The cost of the inventory was $500.

Cash at bank +$1,500

Sales revenue +$1,500

Trade receivables +$1,500

Cost of sales +$500

Inventory -$500

6.

MULTIPLE SELECT QUESTION

1 min • 1 pt

A credit customer returned $300 worth of inventory of the wrong colour. The cost of the inventory was $130.

Sales revenue -$300

Trade receivable -$300

Cost of sales -$130

Inventory +$130

Sales returns +$300