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BOOK KEEPING

Authored by Rafiu Rilwan

Business

9th - 12th Grade

Used 6+ times

BOOK KEEPING
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42 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the primary objective of bookkeeping?

A) To calculate profit or loss

B) To record financial transactions

C) To manage inventories

D) To prepare payroll

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A list of balances extracted from the ledger at a particular date is called a:

Trial balance

Balance sheet

Trading account

Income statement

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is not recorded in a trial balance?

Sales

Closing stock

Purchases

Rent expense

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The balance of which of these accounts is transferred to the profit and loss account?

Fixed assets

Purchases

Capital

Sales

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the function of the journal in bookkeeping?

To record all cash transactions

To correct errors in the ledger

To record details of non-cash transactions

To prepare the trial balance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these represents money owed by the business to others?

Debtors

Creditors

Stock

Cash

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting concept states that financial statements should reflect the transactions of a business only and not its owners?

Business entity concept

Accrual concept.

Going concern concept.

Matching concept.

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