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Quiz 1
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Q.1
What is the name given to the owner's or proprietor's account in the business?
Assets
Liability
Capital
All of the Above
Q.2
Choose the effect of the transaction:Owner withdrew $for his vacation
+ 50 Cash + 50 Capital
-50 Cash - 50 Capital
-50 Bank - 50 Capital
None of the Above
Q.3
Choose the effect of the transaction:Transferred cash $to business's bank account
+50 Bank - 50Cash
-50 Cash +50 Bank
+50Cash -50Bank
None of the Above
Q.4
Choose the effect of the transaction:Paid the trade payable by check $50.
+ 50 Bank - 50 Trade Payable
-50 Cash - 50 Trade Payable
-50 Bank - 50 Trade Payable
None of the Above
Q.5
Choose the effect of the transaction:Withdrew cheque for business' use $50.
+50 Bank - 50Cash
-50 Cash +50 Bank
+50Cash -50Bank
None of the Above
Q.6
Choose the effect of the transaction:Bought office supplies by cash $5.
+5 Office Supplies -5 Cash
-5 Cash +5 Supplies
+5 Office Supplies +5 Bank
None of the Above
Q.7
Choose the effect of the transaction:Owner withdrew cheque $5 for birthday party for his son.
+5 Cash +5 Drawings
-5 Cash + Capital
-5 Bank - Capital
None of the Above
Q.8
Choose the effect of the transaction:Purchased $worth of equipment on account
+50 Equipment - 50Cash
-50 Cash +50 Equipment
+50Equipment + 50 Trade Payable
None of the Above
Q.9
Choose the effect of the transaction:Sold the furniture by cash $5.
+5 Cash +5 Furniture
-5 Bank -5 Furniture
-5 Bank - Capital
None of the Above
Q.10
Choose the effect of the transaction: The owner started a business and invested his cash $and an Equipment $with a trade payable of $5.00
+50 Cash +45 Equipment + 95 Capital
+50Cash + 50 Equipment + 5 Trade Payable + 50 Capital
+50Cash + 50 Equipment + 5 Trade Payable + 100 Capital
None of the Above
Q.11
Choose the effect of the transaction:Acquired a company car by cheque $50000
+50000 Vehicle + 50000 Bank
+50000 Vehicle + 50000 Cash
+50000 Vehicle -50000 Bank
None of the Above
Q.12
Choose the effect of the transaction:Received $from a customer in the business' receivable.
+50 Cash + 50 Trade Receivable
+50Cash + 50 Trade Receivable
+50Cash -50 Trade Receivable
None of the Above
Q.13
Choose the effect of the transaction:Borrowed $from the bank
+50 Cash + 50 Bank Loan
+50Cash + 50 Loan
+50Cash -50 Bank Loan
None of the Above
Q.14
Choose the effect of the transaction:Incurred a bank overdraft of $5.in using the bank account of the business.
+5 Cash + 5 Bank Overdraft
-5 Bank -5 Bank Overdraft
+ 5 Bank + 5 Bank Overdraft
None of the Above
Q.15
Choose the effect of the transaction:Sold equipment by cash worth $1000
+ 1000 Cash + 1000 Equipment
+1000 Bank + 1000 Equipment
+ 1000 Cash + 1000 Bank
None of the Above
Q.16
Choose the effect of the transaction:Purchased equipment on credit.
+ Asset + Liability
+Asset - Liability
-Asset + Liability
-Asset + Liability
Q.17
Zero net worth is defined as:
Assets are greater than liabilities
Assets are less than liabilities
Assets are equal to liabilities
None of the above
Q.18
Assets=Liabilities + Capital (True or False)
True
False
Q.19
Land is listed asA = AssetsL = LiabilitySE = Stockholders Equity
A
L
SE
Q.20
Buildings and Equipment is listed asA = AssetsL = LiabilitySE = Stockholders Equity
A
L
SE
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