Transactions Quizzes, Questions & Answers

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Transactions That Affect Assets, Liabilities And Owner's Equity

This quiz assesses understanding of transactions affecting assets, liabilities, and owner's equity. It tests knowledge of normal balances, and the effects of debits and credits on various account types, crucial for anyone...

Questions: 13 | Attempts: 488 | Last updated: Mar 21, 2023

Sample Question
1. The normal balance side of a Cash account is credit.

True

False

Chapter 5 - Insurance Transactions

A number of steps must be taken before an insurance transaction can be completed.

Questions: 21 | Attempts: 92 | Last updated: Oct 16, 2023

Sample Question
Which of the following is an example of Subrogation?

Bob pays his neighbor $40 for backing over his hedge.

Sue's mink coat is destroyed by her neighbor's cat. Sue's insurance company pays her for the coat, then sues the neighbor to recover the cost.

Al is sued by his paperboy, who tripped on Al's front step. Al's liability insurance must pay the paperboy $5,000.

Chapter 4 - Insurance Transactions

A number of steps must be taken before an insurance transaction can be completed. These include making an application for insurance, underwriting the risk, and including all the steps required for forming a valid contract.

Questions: 8 | Attempts: 4931 | Last updated: Mar 21, 2023

Sample Question
Which of the following statements concerning binders is correct?

They guarantee that a policy will be issued.

They can be issued by insurance companies, but not agents.

They expire on the effective date of the policy to which they apply, or on the expiration date of the binder if the policy is not issued.

They show an intent to consider issuing insurance, but do not include any commitment to provide coverage.

Recent Quizzes

Payment PKT - August

The 'Payment PKT - August' quiz evaluates knowledge on NEFT timelines, mandatory data for bank transactions, refund processes, and customer service protocols related to banking transactions and credit card payments.

Questions: 10 | Attempts: 126 | Last updated: May 17, 2023

Sample Question
TAT for NEFT?

4 Days

4hrs

4 WD

None of the above

10th Quiz (2nd In March 2015 )

10th Quiz (2nd in March 2015 )

This quiz focuses on banking procedures and regulations, including check validity, account services, and transaction limits for premier banking clients.

Questions: 10 | Attempts: 127 | Last updated: Mar 11, 2023

Sample Question
صلاحية صرف الشيك (شيك من أحد البنوك الدولية) هي لغاية 6 أشهر ، إيداع بالحساب ويتم تحصيله بعد 45 يوم

True

False

Transfer Of Ownership And Delivery Of Goods

__________________________________________________ No. of Questions to be Answered : Random 20 out of 117

Questions: 117 | Attempts: 504 | Last updated: Mar 22, 2023

Sample Question
The term 'property' as used in the Sale of Goods Act, 1930 means

Ownership

Possession

Custody

Both (b) and (c).

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