CSEC POA June 2024 P1 #1-20
6th - 8th Grade
•20 Qs
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CSEC POA June 2024 P1 #1-20
Quiz
•
Business
•
6th - 8th Grade
•
Practice Problem
•
Medium
Karla Williamson
Used 5+ times
FREE Resource
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20 questions
Show all answers
1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Answer explanation
Opening capital + Net Profit - Drawings = Closing capital
Net Profit = 4860-3900+900 = 1860
2.
FILL IN THE BLANK QUESTION
1 min • 1 pt
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Answer explanation
If a partnership agreement does not exist, profits and losses must still be shared.
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Answer explanation
The Sales Ledger Control account should be used to find the balance. Cash Sales is not included as inventory sold for cash is not recorded in accounts receivables.
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