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b) RecordingCommunicatingIdentifying
c) Identifyingcommunicatingrecording
d) Identifyingrecordingcommunicating
The amount owed by debtors at the end of a month appears on the debt
side (left side) of the control account
2. Which is the most important characteristic that all assets of a business have?
a) Long life of assets
b) Value of assets
3. If the business's owner withdraws cash for his/her personal use what will be the effect on
capital?
a) Increase in capital
d) No effect on capital
5. The term 2/10-n/30 implies that ______ % discount will be given if the payment is made
within _____ days or full amount is receivable within 30 days
a) 2,10
b) 10,2
c) 10,30
d) 3,15
b) Debtors
c) Creditors
d) Purchases
7. Transactions that a business doesn't record in any specialised journal are recorded in which
of the following journals or day books?
d) General journal
8. "Business paid rent amounting to $100" which of the following specialized journals records
this transaction?
c) Sales journal
d) Purchase journal
9. If credit side of a bank account is greater than the debit side it indicates which of the
following?
a) Bank overdraft
b) Cash at bank
c) Bank balance
d) Bank overdraft
Solution to Quiz
Question 1=d
Question 2=d
Question 3=c
Question 4=b
Question 5=a
Question 6=d
Question 7=d
Question 8=b
Question 9=a
Question 10=a