Flow of Transactions Quiz

Flow of Transactions Quiz

2nd Grade

57 Qs

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59 Qs

Flow of Transactions Quiz

Flow of Transactions Quiz

Assessment

Quiz

Business

2nd Grade

Practice Problem

Hard

Created by

Jide Babatope

Used 1+ times

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57 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step in the flow of transactions?

Ledgers

Transactions

Income statement

Trial balance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which step comes after the ledgers in the flow of transactions?

Books of prime entries

Statement of Financial Position

Trial balance

Transactions

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the income statement in the flow of transactions?

To list transactions

To show performance of entity

To summarize debits and credits

To record invoices

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are source documents used for?

To find original information

To create new information

To delete information

To hide information

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a source document?

Sales invoice

Shopping list

Birthday card

Newspaper

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who uses source documents?

All businesses and organizations

Only schools

Only families

Only sports teams

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a source document?

Invoice

Notebook

Textbook

Magazine

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