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Financial Accounting Quizzes & Trivia

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For each of the transactions, state which accounts are affected. Each transaction involves at least two accounts but could be more.

Questions: 10  |  Attempts: 3302   |  Last updated: Jun 1, 2021
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    A new computer was purchased by paying 30 percent cash down and signing a banknote for the remainder.



Questions: 10  |  Attempts: 10234   |  Last updated: Apr 19, 2021
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    These are economic resources with the ability or potential to provide future benefits?

MGT101- Financial Accounting

Questions: 19  |  Attempts: 3391   |  Last updated: Jan 2, 2013
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    Office salaries, advertising and sales commissions are the examples of:



Questions: 6  |  Attempts: 1860   |  Last updated: Nov 19, 2020
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    Debit means

Recording financial transactions: trivia quiz. For a transaction to be complete there are some documents that need to be provided before it is recorded in the financial statements. Do you know what a remittance advice is and...

Questions: 38  |  Attempts: 1018   |  Last updated: Sep 2, 2020
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    Kew has an overdraft of $4,400 at the start of June. The following four transactions occurred during June. Kew allows its customers up to 60 days to pay their invoices. 3 June: Kew sells goods worth $10,000 on credit to a customer who always takes the full credit period. 10 June: Kew pays a supplier $8,000. 20 June: Kew sells goods worth $12,000 for cash and allows a 5% discount. 23 June: Cash is received from a customer who has been in dispute with Kew. The original invoice was for $6,000, but Kew has agreed to accept half the invoice value to settle the dispute. How much does Kew have in the bank at the end of June?
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