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Accounts Term 2 COB

Authored by Sheree-Ann Lashley

Business

6th - 8th Grade

Used 2+ times

Accounts Term 2 COB
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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purchase of a vehicle by cheque. Which account should you debit?

Vehicle

Bank

Cheque

Purchases

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchase of equipment by credit. Which account should you debit?

Credit

Equipment

Cheque

Purchases

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Owner invests private funds in the business' bank account. Which account should you debit?

Capital

Bank

Cheque

Purchases

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sale of equipment on credit. Which account should you credit?

Sales

Payables

Equipment

Credit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Owner withdraws cash for private use from the bank account. Which account should I debit?

Drawings

Credit

Withdrawal

Bank

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Owner withdraws cash for private use from the bank account. Which account should I credit?

Drawings

Credit

Capital

Bank

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Repaid money owed to a supplier using cash. Which account should I credit?

Cash

Credit

Payables

Bank

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