Accounting and Business Concepts Quiz

Documents used for preparing accounts are?

• Cheques

• Source document

• Purchase

• Note

The first book in which we records the transcation of a business is ________

• Journals

• file

• Bond

• docket

Each record in a journal is called a/an______

• forward

• carriage

• entry

• position

Anything of value that is owned by a business is called_________

• expenses

• capital

• debt

• asset

Which of these is not a source document.

• invoice

• receipt

• credit note

• draft

Suitable chemical can be Characterize as

• dangerous

• corrosive

• harmless

• toxic

What document is sent by e seller to the buyer when there is an overcharge?

• Note

• Draft

• Debit note

• Credit note

Double entry principles states that for every ________________________.

• credit entry transaction, there must be a corresponding debit transaction

• debtor’s entry, there must be a corresponding debtor.

• credit transaction, there must be a discount

• all of the above

Which of these is not a type of journal

• Purchase day book

• return outward journal

• Balance brought forward journal

• Sales day book

A credit note is issued when there is a/an

• Overcharge

• A small charge

• A debit

• A counterfit