G08 TLE/BIZ

1. Which of the following is an example of liabilities?

•   Cash  

•   Loan Payable

•   Equipment

• Supplies

1. It is what you owe to another company.

• Revenue

• Liabilities

• Asset

• Debit

1. What is debit?  

• Owner’s Capital

• Liabilities

• Records all of the money flowing out of an account

• Records all of the money flowing into an account

1.  If a customer purchases a product from your business on credit, what transaction name is that?

•     Cash Transaction

• Accounts Receivables

•    Sales Discount

• Accounts Payable

What part of the Assets will be affected when you purchase a supply and pay it in cash?

• Owner’s Equity

• Accounts Receivables

•   Loan Payable

• Cash and Supplies

1. It is a document generated by the seller upon receiving a purchase order from the buyer.

• Canvass Sheet  

•     GRN

• Sales Order

• Purchase Order

1. What form do we use to compare prices and products?

• Sales Order

• RQF

• Purchase Form

• Canvass Sheet

1. It is a receipt or note that the customer uses to validate the receipt of an ordered product.

•     RQF

• Sales Order

• GRN

• Purchase Order

It is a written document that includes items the customer wants to purchase and sends to the supplier?

•   Purchase Order

•   Canvass Sheet

• GRN

•   Sales Order

1. Which of the following is an example of an asset?

• Loan Payable

• Accounts Payable

•   Equipment

• Accrued Expenses