
POA: Double entry for Stock
Authored by Kevon Thomas
Other
12th Grade
Used 11+ times

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10 questions
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1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Sales and Purchases are accounts used in the double entry recording of Stock___
2.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Sales show Stock flowing into the business, while Purchases show Stock flowing out___
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Sales Returns are the same as Returns Inward___
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
To record Purchases Returns, you Debit the Purchases return account___
5.
MULTIPLE SELECT QUESTION
2 mins • 1 pt
Which item would you enter using a Credit entry? (Click all that you believe are correct)
Sales
Purchases
A person selling to the company on credit
Purchase Returns
6.
MULTIPLE SELECT QUESTION
2 mins • 1 pt
If you make a payment to a Creditor, you would..... (Select all that you think to be correct)
Debit their account
Credit their account
Debit the Bank/Cash account
Credit the Bank/Cash account
7.
FILL IN THE BLANK QUESTION
2 mins • 1 pt
Write the most common form of the Accounting Equation____
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