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WorksheetsModule 5 QUIZ TRANSACTIONS
Total questions: 10
Worksheet time: 8mins
What is the value received if the business paid its account to the seller?
Cash
Cancellation of Debt
Cancellation of Receivable
Debt
What is the value parted with if the business received payment from the buyer on account?
Cash
Cancellation of Debt
Cancellation of Receivable
Receivable
Purchased goods to LTD Trading on credit. VR: Goods
VPW: (a) .
Ms. Chan is promoted as manager and her salary increases to P15,000.
Transaction
Not a transaction
Payment of rent to owner.
External transaction
Internal transaction
Sold goods to Less Price Store on credit: VR: (a)
VPW: Goods
What is the transaction if the analyzation is this : VR: Cash VPW: Goods
Purchased goods on account.
Purchased goods for cash.
Sold goods on account
Sold goods for cash
These are business events or the exchange of goods and services translated into monetary values. It is also considered as the “economic activities” of the business.
(a)
The business paid telephone bill.
VR: Cash VPW: Service
VR: Service VPW: Cash
VR: Debt VPW Service
VR: Service VPW: Debt
What is the value parted with if the owner withdrew money from the business?
(a)
