Font size
WorksheetsBusiness Basics Revision - Pryce
Total questions: 26
Worksheet time: 13mins
Which of the following type of business is owned and operated by one person?
Sole trader
Cooperative
Limited Liability means?
A firm is unlikely to go bankrupt
Shareholders cannot be asked to pay for the company debts
In which form of business, there is no need to share profits?
Company
Sole trader
The Human Resource department is responsible for which of the following?
Preparing Invoices
Approving maternity leave
Selling business resources
Delivering resources to customers
The human resources (HR) function of a business is
concerned with managing and motivating people
in an organisation. It is sometimes referred to as
the _ _ _ _ _ _ _ _ _ department.
(a)
T or F. The role of a business is to produce and distribute goods and services to meet the need and demand of consumers
True
False
This function of business focuses on telling consumers about a business's goods and services.
Financing
Management
Marketing
Production
Customers that buy goods from us on credit are referred to as __________.
Debtors
Creditors
Customers
None of the above
A type of Business that is owned and operated by by five brothers.
Partnership
Non-Trading Organization
Sole Proprietor
Private Limited company
In double entry accounting transactions are recorded....
In terms of debits and credits.
In terms of Debits
In Terms of Credits
In no special terms
Debit is....
the side where all transactions are recorded
The side where assets increase
The side where liabilities and owner's equity increase
Revenue....
Increases on the Credit Side and decreases on the Debit Side
Increases on the Debit Side
Does not increase nor decrease
Liabilities......
Decreases on the Debit Side and increase on the credit
Increases on the Debit Side
Decreases on the Credit Side
Transactions can sometimes use more than two accounts....
No
Yes
Transactions are limited to only two accounts
If the owner of the business is investing $3,000 in the company this means that...
There is a $3,000 increase on the debit side in the Cash account
There is a $3,000 decrease on the debit side in the Cash account
There is a $3,000 increase in the Capital account on the debit side
There is an increase in the computer equipment account.
If the owner of the business is investing $3,000 in the company this means that...
THe owner has money everywhere
There is a $3,000 decrease on the debit side in the Cash account
There is a $3,000 increase in the Capital account on the debit side
There is a $3,000 increase in the Capital account on the credit side
Credit is.....
The right side of the T-account and can also means that you purchase something that you will pay for later
The left side of the T-account and can also means that you purchase something that you will pay for later
The side where Assets and Expenses increase
According to the Debit - Credit rules, any increases to the Cash at Bank account will be recorded on the _________ side of the ledger account.
left
right
middle
The business owner, Jack invested $9000 into the business bank account. What is the double entry to record this transaction?
Debit Bank and Credit Capital
Debit Capital and Credit Bank
Debit Capital and Credit Jack
Debit Jack and Credit Bank
Sold equipment by cash $700. What is the double entry to record this transaction?
Debit Cash and Credit Sales
Debit Cash and Credit Equipment
Debit Equipment and Credit Cash
Debit Sales and Credit Equipment
Bought a computer by cash $2500. What is the double entry to record this transaction?
Debit Computer and Credit Cash
Debit Cash and Credit Computer
Debit Cash and Credit Purchases
Debit Purchases and Credit Cash
Sold goods on credit to Mark. What is the double entry to record this transaction?
Debit Cash and Credit Sales
Debit Mark and Credit Sales
Debit Sales and Credit Mark
Debit Cash and Credit Sales
Bought goods worth $4000 on credit from Ben. What is the double entry to record this transaction?
Debit Purchases and Credit Cash
Debit Cash and Credit Purchases
Debit Ben and Credit Purchases
Debit Purchases and Credit Ben
Jack withdrew goods worth $500 from the business for his personal use. What is the double entry to record this transaction?
Debit Goods and Credit Jack
Debit Jack and Credit Drawings
Debit Drawings and Credt Purchases
Debit Purchases and Credit Drawings
Bought computers worth $3000 on credit from Computers Ltd. What is the double entry to record this transaction?
Debit Cash and Credit Computers
Debit Computers and Credit Cash
Debit Computers Ltd and Credit Computers
Debit Computers and Credit Computers Ltd
Sold old computers worth $1500 by cheque. What is the double entry to record this transaction?
Debit Computers and Credit Cash
Debit Computers and Credit Cheque
Debit Bank and Credit Computers
Debit Computers and Credit Bank
