
Accounting Quiz
Authored by Hiruna_Bandara Hiruna_Bandara
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Professional Development
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12 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A credit would not result in which of the following?
Increase in a liability
Increase in an asset
Increase in capital
Increase in income
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A credit balance in a ledger account would normally be shown where in the following accounts.
(i) An asset account
(ii) A liability account
(iii) A capital account
(iv) An income account
(v) An expense account
(ii) and (iv) only
(i), (iii) and (v) only
(ii), (iii) and (iv) only
(ii), (iii) and (v) only
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following could be represented by a debit entry?
An increase in drawings for a sole trader
An increase in a liability
An increase of income
A decrease in an asset
4.
OPEN ENDED QUESTION
3 mins • 1 pt
You are a trainee accountant at KLS Ltd and have discovered that the following items were omitted from the books: • Cash sale of $50 • Purchase of office chairs for $1,000 • Credit sales of $450 Prepare the double entry to account for the cash sale omitted from the books.
Evaluate responses using AI:
OFF
5.
OPEN ENDED QUESTION
3 mins • 1 pt
ou are a trainee accountant at KLS Ltd and have discovered that the following items were omitted from the books: • Cash sale of $50 • Purchase of office chairs for $1,000 • Credit sales of $450,Prepare the double entry to account for the purchase of office chairs omitted from the books.
Evaluate responses using AI:
OFF
6.
OPEN ENDED QUESTION
3 mins • 1 pt
ou are a trainee accountant at KLS Ltd and have discovered that the following items were omitted from the books: • Cash sale of $50 • Purchase of office chairs for $1,000 • Credit sales of $450 including vat of 10%,Prepare the double entry to account for the credit sale omitted from the books.
Evaluate responses using AI:
OFF
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A business has the following extract from its trial balance: $ Tradereceivables 5,000 Bank overdraft 2,000 Trade payables 7,000 Inventory 4,500 What is the figure for capital ?
$9,500
$7,000
$11,500
$500
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