
POA Mock Examinations - Paper 1
Quiz
•
Business
•
10th Grade
•
Practice Problem
•
Hard
Nicole Martinez
Used 3+ times
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60 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Owner's equity can decrease when....
the business sells its motor van and deposits the proceeds into the busness' bank account
the business repays a bank loan
the proprietor draws out business cash to pay for a personal loan
the proprietor draws out from the business bank account for office use
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is not an expense?
Carriage on Purchases
Carriage on Sales
Discount Allowed
Discount Received
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT shown in the Profit and Loss account
Carriage on Purchases
Carriage on Sales
Discount Allowed
Discount Received
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the name of the book of original entry used to record the sale of fixed assets on credit?
General Journal
Returns Outwards Journal
Sales Journal
Sales Returns Journal
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Rate of turnover is given by.....
sales divided by stock
cost of sales divided by average stock
sales at cost divided by closing stock
sales divided by purchases
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A supplier's account in the books of a business shows a credit balance of $780. What does this mean?
The business owes the supplier $780
The business has paid the supplier $780
The supplier owes the business $780
The supplier has paid the business $780
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The Cash Book shows an overdrawn balance of $920 but the Bank Statement showed a credit balance $1 120. Which of the following could have caused the difference?
A credit transfer of $2 040
A standing order of $200
An uncredited deposit of $2 040
An unpresented cheque $200
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