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ITBK Week 1 Chp1 Recap

Authored by Emma Barlow

Business

Professional Development

Used 3+ times

ITBK Week 1 Chp1 Recap
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where is a financial document first recorded?

In the bank account

In a book of prime entry

In the ledger

In the cash book

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

From the books of prime entry, where are the financial transactions then recorded?

In the ledger accounts

In the trial balance

In the cash book

In the petty cash book

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the name for a supplier who is owed money by the business?

Trade Receivable

Trade Payable

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the name for a customer who owes money to the business?

Trade Receivable

Trade Payable

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A liability of a business is:

An amount owed by that business

An item owned by that business

A cash fund for business expenses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An asset of a business is:

An amount owed by that business

An item owned by that business

A cash fund for business expenses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A payables ledger control account contains the total of accounts of:

Customers who buy goods in cash

Customers who buy goods on credit

Suppliers who sell goods for cash

Suppliers who sell goods on credit

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