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Accounting Quiz

Authored by Riyaad Burtally

Computers

7th Grade

Used 1+ times

Accounting Quiz
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28 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which task would be carried out by a book-keeper?

A comparison of financial statements between years

B preparation of financial statements

C provision of information for decision-making

D recording financial transactions

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the accounting equation?

A assets = capital - liabilities

B assets = liabilities - capital

C assets - liabilities = capital

D assets + capital = liabilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The discount column on the debit side of a trader’s cash book totalled $1300 and the discount column on the credit side totalled $700. How much discount did the trader receive?

A $600

B $700

C $1300

D $2000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jabari maintains a petty cash book using the imprest system. The imprest is restored at the end of each month. Which amount restores the imprest at the end of a month?

A the amount left in petty cash less the total of vouchers received

B the amount left in petty cash plus the total of vouchers received

C the imprest amount less the total of vouchers received

D the total of vouchers received

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement about a trial balance is correct?

A It assists in locating arithmetical errors in the book-keeping records.

B It is proof that the entries in the ledger accounts are free from error.

C It reveals all book-keeping errors.

D It shows ledger account errors only.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a compensating error?

A payment for office equipment repairs was debited to the office equipment account.

B A purchase of goods from C Jones was credited to the account of C Johns.

C The sale of goods, $65, to A Aziz was entered in the books as $56.

D The wages account was undercast by $100 and the rent account was overcast by $100.

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Why is a sales ledger control account usually prepared by a different member of staff than the person who maintains the sales ledger?

A to deter fraud

B to locate errors

C to provide an instant total of trade receivables

D to speed production of financial statements

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