acct2

acct2

12th Grade

5 Qs

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acct2

acct2

Assessment

Quiz

Business

12th Grade

Practice Problem

Easy

Created by

嘉缘 孙

Used 6+ times

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a company purchases goods but the cash has not yet been provided, which type of document should be used to record the transaction?

Purchase Invoice

EFT Pay (Electronic Funds Transfer Payment)

EFT Receipt

Memo

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At which stage of the accounting cycle are source documents most important?

Preparing financial statement

Recording transactions

Budget planning

Advise

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a typical source document used in trading businesses?

Receipt

Sales Invoice

Purchase Invoice

Employee timesheet

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which source document is typically used to record a cash payment?

Receipt

Sales invoice

Delivery note

Purchase invoice

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary function of source documents in accounting?

To serve as the basis for recording transactions

To analyze cash inflows and outflows

To verify that debits equal credits

To show revenue, expense and net profit