A Business Quiz: True/False Questions

19 Questions | Total Attempts: 1110

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A Business Quiz: True/False Questions - Quiz

One of the best ways to know if you understand a topic is by picking true and false answers to some confusing questions. This business quiz below is designed to jog your memory of all you have learned so far. All the best and keep on revising for the sake of the knowledge.


Questions and Answers
  • 1. 
    A number of individual balance sheet items may appear on one account page, as long as they are shown separately
    • A. 

      True

    • B. 

      False

  • 2. 
    Many accountants use the equation analysis sheet instead of the ledger.
    • A. 

      True

    • B. 

      False

  • 3. 
    There is a page in the ledger for the total assets figure.
    • A. 

      True

    • B. 

      False

  • 4. 
    T-accounts are ideal for small businesses.
    • A. 

      True

    • B. 

      False

  • 5. 
    The first dollar amount recorded in an account is placed on the same side as it appears on a simple balance sheet.
    • A. 

      True

    • B. 

      False

  • 6. 
    There is no account for capital because it can always be found by subtracting the total assets from the liabilities.
    • A. 

      True

    • B. 

      False

  • 7. 
    A transaction analysis sheet is a permanent accounting record.
    • A. 

      True

    • B. 

      False

  • 8. 
     for every transaction, there is always one debit amount and one credit amount which are equal.
    • A. 

      True

    • B. 

      False

  • 9. 
    A balanced accounting entry is a correct accounting entry.
    • A. 

      True

    • B. 

      False

  • 10. 
    The balance of an account that is not zero must be either a debit or a credit.
    • A. 

      True

    • B. 

      False

  • 11. 
    The J.R Dahl account in the ledge of C. Jacob is either an account receivable or account payable.
    • A. 

      True

    • B. 

      False

  • 12. 
    Eric Lai's account has a credit balance. This means that he purchased services on credit.
    • A. 

      True

    • B. 

      False

  • 13. 
    An exceptional balance is opposite to what would be normal.
    • A. 

      True

    • B. 

      False

  • 14. 
    A customer given a refund because of unsatisfactory service. The account of this customer will have an exceptional balance.
    • A. 

      True

    • B. 

      False

  • 15. 
    A ledger contains an exceptional balance. A trial balance cannot be taken until the exceptional balance is transferred to another part of the ledger.
    • A. 

      True

    • B. 

      False

  • 16. 
    A trial balance that is in balance proves that there are no errors in the accounts.
    • A. 

      True

    • B. 

      False

  • 17. 
    A trial balance that is taken using a printing calculator; when the total key is pressed, the figure 89.00 comes up. This is the amount of the error.
    • A. 

      True

    • B. 

      False

  • 18. 
    The business buys supplies and pays cash. The accounting entry made in the accounts is DR bank and CR supplies. this causes TE ledger to be UT of balance.
    • A. 

      True

    • B. 

      False

  • 19. 
    A correct trial balance needs to be kept only until the next one is taken.
    • A. 

      True

    • B. 

      False

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