QUIZ PAL CHAPTER 6 and 10

what is definition of liabilities

• obligations and debts that arise due to past transactions

• debts expects to be paid within one year

• performance obligation incurred when cash received advance

• debts expects to pay after one year

long term liability is….

• accrued expense

• unearned revenue

• mortgages payable

• accounts payable

where can liabilities be found?

• statement of financial position

• bank reconciliation

• account receivable

• statement of profit and loss

Bank reconcilation statement compares a Bank Statement with

• a cash book

• a cash payment journal

• a financial statements

• a cash payment journal

what do we do to deposit in transit in bank reconciliation

• added to bank balance

• added to cash book balance

• substracted from the cash book balance

• substracted from bank balance

cheque returned by the bank…..

• dishonoured cheque

• none of these

• balance of account

• honoured cheque

which of the following is not a liability

• acc. receivable

• salaries payable

• notes payable

• acc. payable

bank statement is

• shows the activity which increased or decreased the depositors account balance

• is a bill from the bank for services rendered

outstanding cheques are…

• deducted from the balance per bank

• added to bank balance

• added to cash balance

• deducted from cash balance

liabilities has…

• 4 types

• 1 type

• 3 types

• 2 types