Accounting Test 2

Accounting Test 2

11th Grade

16 Qs

quiz-placeholder

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Accounting Test 2

Accounting Test 2

Assessment

Quiz

Others

11th Grade

Practice Problem

Easy

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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the Book of Original Entry?

To record financial statements

To record all transactions before they are posted to the ledger

To prepare tax returns

To classify all accounts

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a Book of Original Entry?

General Ledger

Cashbook

Income Statement

Trial Balance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Purchase Book records:

Cash transactions only

Credit purchases of goods and services

Sales of goods and services

Payments made to creditors

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purpose of the Cashbook is to:

Record all non-cash transactions

Record transactions involving cash receipts and payments

Record only sales

Only track bank balances

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is recorded in the Sales Book?

Cash sales

Credit sales of goods

Payments received

Purchases made

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the first step in the accounting cycle?

Preparing the financial statements

Posting to the ledger

Collecting source documents

Preparing the trial balance

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The General Journal is used to record:

Only cash transactions

Only sales transactions

All types of transactions that do not go into other books of entry

Only payments to suppliers

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