Basic Accounting 1 Assignment 1
18 Questions
| Total Attempts: 2011
Before attempting this assignment you should have read chapters 1 to 3 of your Osborne Book ”BASIC ACCOUNTING 1 " and attempted the chapter activities in your WORKBOOK. The pass mark for the assignment is 70% - should you fail then please review the areas where you are weak. If you are still having problems then please do not hesitate to contact AATFree Good Luck!
Questions and Answers
- 1.Something that you owe is called a(n)
- A.
Asset
- B.
Liability
- 2.Something that you own is called a(n)
- A.
Asset
- B.
Liability
- 3.A cash sale is a sale where payment is made in notes and coins
- A.
True
- B.
False
- 4.If you earn more than you spend, you have a
- A.
Profit
- B.
Loss
- 5.A credit sale is a sale where payment is made at a later date
- A.
True
- B.
False
- 6.The place in the books of a business where a financial transaction is recorded for the first time is known as a book of prime entry
- A.
True
- B.
False
- 7.The book of prime entry which lists payments in and out of the bank account is known as the Petty Cash Book
- A.
True
- B.
False
- 8.‘Total ‘ accounts contained in the general ledger are known as Control Accounts
- A.
True
- B.
False
- 9.A list of the balances of the ledger accounts drawn up in two columns ,debit and credit, is known as a
- 10.E & OE stands for:
- 11.Settlement discount is another name for cash discount.
- A.
True
- B.
False
- 12.If you spend more than you earn, you have a
- A.
Profit
- B.
Loss
- 13.The Inland Revenue is responsible for the administration of VAT
- A.
True
- B.
False
- 14.You have been given the gross value of the goods that Micro Teach & Co has purchased and have been asked to calculate the vat? Vat is 20% Gross: £798.56
Accounting is something that is existent in different companies and is essential to ensure that a business keeps on growing. The quiz below is designed to test your knowledge on some basic accounting principles and issues so...
Questions: 8 | Attempts: 12600 | Last updated: May 19, 2021
-
Sample QuestionProfit is equal to:
Questions: 41 | Attempts: 65876 | Last updated: Nov 16, 2020
-
Sample QuestionThe purpose of the Conceptual Framework is:
Are you ready for a quick account knowledge quiz? For a business to prosper, what they need most is funding which can come through investments, cash or selling their shares. What do you understand about these different types...
Questions: 8 | Attempts: 20904 | Last updated: Sep 14, 2020
-
Sample QuestionWhat is stockholders' equity?
Back to top