Trading business and the Accounting Equation
Authored by Woodridge Connect
Business
9th Grade
Used 2+ times
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is the following is INCORRECT regarding the accounting equation?
A = OE + L
A = L + OE
A = OE - L
L = A - OE
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When goods are sold for cash, how many accounts are affected?
2
4
3
1
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which accounts are affected when goods are sold for cash?
Bank
Sales
Cost of Sales
Trading Stock
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is CORRECT regarding the sale of goods for cash?
Debit Bank, Credit Sales and Debit Cost of Sales, Credit Trading Stock
Debit Bank, Credit Sales
Debit Cost of Sales, Credit Trading Stock
Credit Bank, Debit Sales and Debit Cost of Sales, Credit Trading Stock
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When recording a cash sale, which figure is used to decrease Trading Stock?
Selling price
Cost price
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When recording a cash sale, which figure is used to increase Bank?
Selling price
Cost price
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