Grade 12 Accountancy Quiz

It is where transactions are recorded chronologically.

• Ledger

• Journal

• T-account

• Trial Balance

It is an item that is listed either as an asset, liabilities, or capital.

• Ledger

• Journal

• Debit and credit

• Account

Which is not true concerning a Journal?

• Recording is done chronologically

• Journal is a book of original entry

• A journal is a similar to ledger

• A journal entry may be single or compound

A graphic representation of a general ledger account

• L Account

• G Account

• T- Account

• G-L Account

Which of the following is correct regarding posting on the T-Accounts?

• T accounts are used after financial statements are prepared

• All T-accounts fall under the trial balance

• Each journal entry is transferred from the general journal to the corresponding T-account

• All of these are correct

What is the unique identifier given by the bank for account maintained?

• Accounts Name

• Business Number

• Account Number

• Valid Identification Card

Which of the following statements is NOT TRUE about savings account?

• Have passbook.

• Earn lower interest rate than a checking accounts.

• Charge a fee if the balance falls below a specified minimum.

• Are intended to provide an incentive for the depositor to save money.

Why is the depositor's signature considered as the most important part in the withdrawal slip?

• The machine will not validate without a depositor's signature

• The signature is the last to be filled up by the depositor

• The bank compares the signature in the withdrawal slips against the signature in the bank records

• The signature is the proof that the depositor is authorizing the bank to get money from his account

Where can we usually find the check number on a check?

• Upper left corner and center part

• Upper right corner and center part

• Upper left corner and bottom right corner

• Upper right corner and bottom right corner

When two diagonal lines at the top left corner of the check is written so that the amount indicated will be deposited to the account of the rightful payee, what does it mean?

• For clients only

• For deposit only

• For suppliers only

• For withdrawals only