Free Printable Pop Quiz (Cashbook, Trial Balance,TPL a/, Balance sheet)

1.

1. A cashbook which records both cash and bank transactions is called a …… cashbook.

a)

single column

b)

flex

c)

double column

d)

hyper

2.

2. A cashbook which records cash, bank and discount is called a ……… cashbook.

a)

single column

b)

Triple column

c)

double column

d)

hyper

3.

3. The discount on the debit side of a triple column cashbook is called………

a)

discount allowed

b)

Trade discount

c)

discount received

d)

discount flow

4.

4. The discount on the credit side of a triple column cashbook is called ……

a)

discount allowed

b)

Trade discount

c)

discount received

d)

discount flow

5.

5. The discount on the debit side of the cashbook relates to ……….

a)

purchases

b)

debtors

c)

creditors

d)

goods

6.

6. A credit balance in the bank columns of the cashbook is called ……………

a)

withdrawal

b)

overbank

c)

overdraft

d)

overboard

7.

7. The letter ‘C’ in the folio column of a two or three column cashbook stands for……

a)

coffee

b)

contra entry

c)

coconut

d)

control

8.

8. The folio column is used for………..

a)

date

b)

type of transaction

c)

value

d)

referencing

9.

Classify the item : Fixtures and Fittings

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

10.

Classify the item : Cash at bank

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

11.

Classify the item : Long Term Loan

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

12.

Classify the item : Bank Overdraft

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

13.

Classify the item : Drawings

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

14.

Classify the item : Trade payable

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

15.

Classify the item : Capital

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

16.

Classify the item : Trade Receivables

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

17.

Classify the item : Premise

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

18.

Classify the item : Mortgage

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

19.

Classify the item : Insurance

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

20.

Classify the item : Discount Received

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

21.

Classify the item : Office Rent

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

22.

Classify the item : Discount Allowed

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

23.

Classify the item : Cash in hand

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

24.

Classify the item : Advertising

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

25.

Classify the item : Carriage Inward

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

26.

Classify the item : Purchase

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

27.

Classify the item : Office Equipment

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

28.

Classify the item : Sales

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

29.

Trial balance is a :

a)

(a) Statement

b)

(b) Account

c)

(c) Summary

d)

(d) Ledger

30.

The preparation of trial balance is for:

a)

(a) Locating errors of commission

b)

(b) Locating errors of principle

c)

(c) Locating clerical errors

d)

(d) All of the above

31.

A Trial Balance contains the balance of:

a)

(a) Only Personal and Real account

b)

(b) Only Real and Nominal accounts

c)

(c) Only Nominal and Personal accounts

d)

(d) All accounts

32.

Trial Balance is prepared on:

a)

(a) End of the year

b)

(b) A particular date

c)

(c) For the period ending ____

d)

(d) Both “a” and “b

33.

Balances of the Accounts are transferred to:

a)

(a) Trial Balance

b)

(b) Trading Account

c)

(c) Profit & Loss Account

d)

(d) Balance Sheet

34.

A list which contains balances of accounts to know whether the debit and credit balances are matched. ‘

a)

(a) Balance Sheet

b)

(b) Day Book

c)

(c) Journal

d)

(d) Trial Balance

35.

Which of the following is not a process in the preparation of a Trial Balance?

a)

(a) Recording

b)

(b) Summarizing

c)

(c) Classifying

d)

(d) Interpretation

36.

Trial Balance creates __________ accuracy.

a)

(a) Principle

b)

(b) Arithmetical

c)

(c) Clerical

d)

(d) None

37.

Trial Balance is a statement which shows the ------- or the -------- of all the accounts.

a)

(a) Opening Balance, Closing Balance

b)

(b) Debit Balances, Credit Balances

c)

(c) Positive Balances, Negative Balance

d)

(d) Balances, Totals

38.

All the following statements are correct except ___________.

a)

(a) Trial Balance is a statement not an account

b)

(b) Trial Balance is always prepared at the end of the financial year.

c)

(c) Agreement of Trial Balance is not a conclusive proof of accuracy.

d)

(d) Trial Balance will tally even if an entry is posted twice in the ledger.

39.

Which is the correct heading for the trial balance of Clayton Ltd prepared on 31 December 2018?

a)

Trial balance for Clayton Ltd for the year ended 31 December 2018.

b)

Trial balance as at 31 December 2018.

c)

Clayton Ltd, Trial balance as at 31 December 2018

d)

Trial balance for Clayton Ltd for year as at 31 December 2018.

40.

Which of the following statements is incorrect?

a)

Assets - Capital = Liabilities

b)

Liabilities + Capital = Assets

c)

Liabilities + Assets = Capital

d)

Assets - Liabilities = Capittal

41.

The Income Statement lists a businesses:

a)

Assets and Expenses

b)

Owner's Equity and Revenue

c)

Revenue, cost of goods and Expenses

d)

Expenses and Net Assets

42.

Which of the following is not a type of revenue?

a)

Sales

b)

Commission

c)

Service Fee

d)

Rent paid

43.

A Net Profit occurs if:

a)

Gross Profit is greater than expenses

b)

Expenses greater than Gross Profit

c)

None of the listed choices

44.

An expense is...

a)

money a business spends on the general operation of business

b)

money the business owes to other organisations and people

c)

money Owed to the Business

d)

None of the above

45.

Net Profit is:

a)

Assets less Liabilities

b)

Gross Profit less Expenses

c)

Revenue less Liabilities

d)

Liabilities less Assets

46.

An income statement is also known as a 'Trading, profit/loss & Appropriation Account'?

a)

False

b)

True

47.

When creating an income statement, the interest on a loan is

a)

revenue

b)

liability

c)

an expense

d)

none of the above

48.

An income statement is

a)

A way of listing sales, cost of goods sold and expenses.

b)

Another word for 'Gross Profit'

c)

Same as the Balance Sheet

d)

None of the above.

49.

What happens to the retained profit in the income statement?

a)

Transferred and added to capital in balance sheet

b)

Transferred and added to liabilities in the balance sheet

c)

Transferred and subtracted to capital in balance sheet

d)

Transferred and subtracted to liabilities in balance sheet

50.

If Sales = £100000 Cost of Goods = £25000, the Gross Profit will be:

a)

£75000

b)

£40000

c)

£70000

d)

£80000

51.

If Gross Profit = £75000 Expenses = £72000, the Net Profit will be:

a)

£4000

b)

£3000

c)

£5000

d)

£2000

52.

If Net Profit=£3000 and government tax=£1000 and dividends paid=£500 then retained profit is

a)

£1000

b)

£2000

c)

£1500

d)

£2500

53.

The account in the Income Statement that calculates the Gross Profit is known as:

a)

The appropriation account

b)

The trading account

c)

The profit/loss accounts

d)

None of the above

54.

The account in the Income Statement that calculates the Net Profit is known as:

a)

The appropriation account

b)

The trading account

c)

The profit/loss accounts

d)

None of the above

55.

The account in the Income Statement that calculates the Retained Profit is known as:

a)

The appropriation account

b)

The trading account

c)

The profit/loss accounts

d)

None of the above

56.

What is balance sheet?

a)

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.

b)

A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss

57.

What is another name for Statement of Financial Position?

a)

Income Statement

b)

Trading and Profit and Loss Account

c)

Balance Sheet

d)

None of the Above

58.

Which accounts are needed to prepare the Statement of Financial Position?

a)

Income Statement

b)

Trial Balance

c)

Balance Sheet

d)

Both A and B

59.

Assets are expected to last and to be used by the business for a long time are called_____________________.

a)

Assets

b)

Current Assets

c)

Non-current Assets

d)

Capital

60.

Assets that likely to change to change into cash in the near future are called____________________.

a)

Assets

b)

Current Assets

c)

Non-current Assets

d)

Capital

61.

Which of the following is not an example of a current asset?

a)

Inventory

b)

Accounts Receivable

c)

Fixture and Fittings

d)

Cash in Bank

62.

_________________ are monies owed and are due for repayment in the short term

a)

current liability

b)

non-current liability

c)

current asset

d)

capital

63.

Which of the following is an example of current liability?

a)

Cash

b)

Accounts Receivable

c)

Accounts Payable

d)

Capital

64.

What is the name given to the owner's or proprietor's account in the business?

a)

Assets

b)

Liability

c)

Capital

d)

All of the Above

65.

What is the name given to the account in which the owner withdraws money from the business?

a)

Assets

b)

Liability

c)

Drawings

d)

Capital

Pop Quiz (Cashbook, Trial Balance,TPL a/, Balance sheet)

Total questions: 65

Worksheet time: 33mins

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