Book keeping 2

Book keeping 2

University

10 Qs

quiz-placeholder

Similar activities

bhp

bhp

1st Grade - Professional Development

15 Qs

Concepts of Mass Communication

Concepts of Mass Communication

University

10 Qs

Christmas 2021 Quizz

Christmas 2021 Quizz

University

10 Qs

Podsumowanie Sukces na rynku pracy

Podsumowanie Sukces na rynku pracy

University

14 Qs

Liner shipping management homework #1

Liner shipping management homework #1

University

12 Qs

WAKE UP, F5 YOUR MIND!

WAKE UP, F5 YOUR MIND!

University

13 Qs

CISG- Công ước viên 1980

CISG- Công ước viên 1980

University

15 Qs

Revenue Recognition Quiz

Revenue Recognition Quiz

12th Grade - University

15 Qs

Book keeping 2

Book keeping 2

Assessment

Quiz

Professional Development

University

Practice Problem

Easy

Created by

Khushbu Ahuja

Used 1+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the purpose of debits and credits in bookkeeping?

To increase complexity and confusion.

To ensure accuracy and balance in financial records

To classify accounts into different categories

To minimise the number of entries required for each transaction

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the purpose of a T account?

To track the balance of a specific account.

To record transactions in chronological order.

To summarise the financial statements.

To calculate the net income of a business

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What does it mean when the debit side of a T account exceeds the credit side?

The account has a debit balance.

The account has a credit balance.

The account is balanced

The account is closed.

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is a control account in bookkeeping?

An account used to control expenses.

An account used to monitor employee salaries.

An account used to summarise subsidiary accounts.

An account used to record capital investments

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

How are control accounts typically used in bookkeeping?

To track the balance of a specific asset

To record revenue and expense transactions.

To reconcile cash flow statements.

To detect errors and discrepancies.

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What are bad debts in bookkeeping?

Debts that are unlikely to be collected and are written off as losses.

Debts that are paid in full and do not require any further action

Debts that are currently outstanding and will be collected in the future

Debts that are recorded as income in the financial statements

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is a trial balance in bookkeeping?

A statement that lists all the accounts and their balances at a specific point in time

A report that summarises the revenue and expenses for a specific period

A document that records the daily transactions of a business

A statement that calculates the net profit or loss of a business

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?