Ss2FA

Ss2FA

1st Grade

10 Qs

quiz-placeholder

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Ss2FA

Ss2FA

Assessment

Quiz

Business

1st Grade

Practice Problem

Hard

Created by

Maryam Ibrahim

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The single entry system is also known as,...,,.........

Double entry system

Statement of affairs system

Cash based accounting

Accrual accounting

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Accumulated fund in a non-profit is similar to?

Profit

Capital in business

Revenue Income

Liabilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Subscription due but not received is shown as ?

Asset

Liability

Expenses

Income

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

An Income and expenditure account excluded?

Capital receipt

Revenue Income

Accrual adjustment

Revenue expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The closing balance of receipt and payment account represents?

Net profit

Closing cash and bank balance

Accrued Income

Outstanding expenses

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Sales of old furniture in a non-profit organisation is treated as ?

Revenue Income

Capital receipt

Donations

Asset

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

A receipt and payment account records transactions on ?

Accrual basis

On cash basis

On both cash and accrual basis

On credit basis

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