Double Entry and Trial Balance Quiz

Which of the following is an asset?

• Stock for resale

• Family borrowings

• Creditors

• Net profit

Which of the following is a liability?

• People that owe you

• People that you owe

• Cash

• Bank

Capital is defined as

• Money from friends and family

• Cash

• Stock

• Any resource invested into the business by the owner

Choose which of the following are examples of expenses

• Rent due

• Electricity due

• Insurance already paid for

• Wages

When a customer brings back goods to your business its classed as what?

(a)  

Which are examples of revenue?

• Money earned from rent

• Money gained from discounts

• Sale of an asset

• Bills paid

When you return goods to your supplier its classed as

(a)  

Assets are found on the credit side of the trial balance true or false

• True

• False

Capital is found on the credit side of the trial balance true or false

• True

• False

Which options are examples of assets

• Cash

• Money in the bank

• a loan

• worker salaries