POA Revision Ch 1 to 4
Authored by Mei Chia Teo
Other
9th - 11th Grade
Used 25+ times
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26 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
State the difference between a trading business and a service business.
A trading business buys goods from supplier and sell them to customer while a service business provides services to customers.
A service business buys goods from supplier and sell them to customer while a trading business provides services to customers.
A trading business buys goods from supplier and sell them to customer, a service business provides services to customers.
A service business buys goods from supplier and sell them to customer, a trading business provides services to customers.
Answer explanation
When a question ask for "difference", you must compare by using comparison word such as "while" or "but".
2.
OPEN ENDED QUESTION
3 mins • 1 pt
State the role of accounting.
Evaluate responses using AI:
OFF
Answer explanation
Accounting provides accounting information for decision-making by business owners and other stakeholders.
3.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
One principle of professional ethics is (a) .
4.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
State the difference between a cash transaction and a credit transaction.
A cash transaction happens when payment is delayed during a cash sales or purchase while a credit transaction happens when payment is made immediately during a credit sales or purchase.
A cash transaction happens immediately, while a credit transaction is delayed.
A cash transaction happens when payment is made immediately during a cash sales or purchase while a credit transaction happens when payment is postponed or delayed during a credit sales or purchase.
A credit transaction is delayed while a cash transaction is immediate.
Answer explanation
It is the "payment" that is immediate/postponed, hence you must be specific.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
State the order of the accounting information system.
Source document - Journal - Trial Balance - Financial Statements
Source document - Ledger - Journal - Trial Balance - Financial Statements
Source document - Journal - Ledger - Financial Statements
Source document - Journal - Ledger - Trial Balance - Financial Statements
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many source documents did we learn?
5
6
7
8
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Source document for:
Paid utilities by cheque
Cheque
Receipt
Invoice
Credit note
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