
Multiple choice part 2
Quiz
•
Other
•
10th Grade
•
Practice Problem
•
Hard
Nahma Rasheed
Used 2+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A trader bought new fixtures. He paid half of the purchase price in cash and agreed to pay the balance in two months’ time.
How does this purchase affect the accounting equation?
assets- increase
owner's equity- decrease
liabilities - no effect
assets - decrease
owner's equity-no effect
liabilities- increase
assets- increase
owner's equity - decrease
liabilities - increase
assets- increase
owner's equity-no effect
liabilities - increase
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The following balances appeared in Hussein's books
What was the total of the liabilities?
$4500
$6200
$6400
$7200
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
William paid $500 in cash to Sonia for rent.
How did Sonia record this?
debit - cash
credit - rent receivable
debit- rent receivable
credit- cash
debit - rent receivable
credit - william
debit- william
credit - rent receivable
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Goods purchased on credit from Zamir were returned by Ashwin.
Which entries should Zamir make to record this?
debit - ashwin
credit - purchase return
debit- purchase return
credit- zamir
debit- sales return
credit- ashwin
debit - zamir
credit - sales return
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Bilal purchased goods on credit from Asim.
Where should Asim record this transaction?
1 cash book
2 nominal (general) ledger
3 purchases ledger
4 sales ledger
1 and 2
1 and 4
2 and 3
2 and 4
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does the owner’s equity consist of?
the amount of money in the business bank account
the amount owed by the business to the owner
the total of the assets owned by the business
the total of the current assets less the current liabilities
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Abdul sells goods to Rekha on credit. Some goods were damaged in transit.
Which document would Rekha send to Abdul?
credit note
debit note
invoice
statement of account
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