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Quiz 16
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Q.1
The account used to summarize the owner's equity in a business
account
expense
capital
revenue
Q.2
The amount in an account
account title
revenue
account balance
accounting records
Q.3
An increase in owner's equity resulting from the operation of a business
asset
expense
withdrawl
revenue
Q.4
How would an accountant record an increase in sales?
debit
credit
Q.5
How would an accountant record an increase in cash?
Debit
Credit
Q.6
To whom is the Audit report addressed to
shareholders
directors
internal auditor
external auditor
Q.7
An asset must be ________ by the business to be shown as an asset in its balance sheet.
Possessed
Controlled
Used
Owned
Q.8
The natural, plant-synthesized dietary source of vitamin K is _________.
Phylloquinone
Menaquinone
Menadione
VItamin K2
Q.9
How to calculate gross profit on the income statement?
20 secoperating expenses -sales= Gross profit This is a wrong answer
Sales- cost of sales= Gross profit This is a correct answer operating
income - expenses = gross profit This is a wrong answer
cost of sales -sales =Gross profit
Q.10
If the business sold good on credit to Sam, which account will be credited?
Sales
Purchase
Bank
Cash
Sales return
Q.11
Double entry for drawings.......
Credit
Debit
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