Essential Book Keeping - Qp3

6 Questions | Total Attempts: 70

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Essential Book Keeping - Qp3

Questions and Answers
  • 1. 
    It is much easier to have a lot of accounts with relatively few transactions in each.
    • A. 

      True

    • B. 

      False

  • 2. 
    If we limit the transactions in an account to a particular customer, the balance on the account also represents the balance on that customer’s account.
    • A. 

      True

    • B. 

      False

  • 3. 
    In order to make sure that the accounts do not contain any erroneous transactions, it is important to balance the accounts on a yearly basis.
    • A. 

      True

    • B. 

      False

  • 4. 
    The capital of a business represents the money that the investors and banks have put in.
    • A. 

      True

    • B. 

      False

  • 5. 
    The basic accounting equation is: Capital = Assets + Liabilities
    • A. 

      True

    • B. 

      False

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