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Chapter 02

You have answered 3 out of 10 questions correctly. You have answered 3 out of 10 questions correctly. You have answered 3 out of 10 questions correctly. You have answered 3 out of 10 questions correctly.
Your percentage score is 30%. Your percentage score is 30%. Your percentage score is 30%. Your percentage score is 30%.
Question 1 Question 1 Question 1 Question 1
Which of these could be considered a good reason for a business to keep detailed financial records?
Your answer: Your answer: Your answer: Your answer:
d) d) d) d) It must have detailed records available for inspection by competitors
Correct answer: Correct answer: Correct answer: Correct answer:
b) b) b) b) It needs to know who it owes money to and who owes it money
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A good reason for a business to keep detailed financial records is because it needs to know who it owes money to and who owes it
money
Question 2 Question 2 Question 2 Question 2
Which one of the following could not be classified as Revenue Income Revenue Income Revenue Income Revenue Income?
Your answer: Your answer: Your answer: Your answer:
c) c) c) c) Income from the sale of services
Correct answer: Correct answer: Correct answer: Correct answer:
d) d) d) d) Income from the sale of fixed assets
Results Results Results Results
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Correct answer: Correct answer: Correct answer: Correct answer:
d) d) d) d) Income from the sale of fixed assets
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Income from the sale of fixed assets could not be classified as Revenue Income Revenue Income Revenue Income Revenue Income
Question 3 Question 3 Question 3 Question 3
Which one of the following could not be classified as Revenue Expenditure Revenue Expenditure Revenue Expenditure Revenue Expenditure?
Your answer: Your answer: Your answer: Your answer:
b) b) b) b) Purchase of goods for resale, by cash
Correct answer: Correct answer: Correct answer: Correct answer:
a) a) a) a) Purchase of a fixed asset, by cheque
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Purchase of a fixed asset, by cheque, could not be classified as Revenue Expenditure Revenue Expenditure Revenue Expenditure Revenue Expenditure
Question 4 Question 4 Question 4 Question 4
Which one of the following assets could be described as a current current current current asset?
Your answer: Your answer: Your answer: Your answer:
a) a) a) a) Stock of goods for resale
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Stock of goods for resale could be described as a current current current current asset
Question 5 Question 5 Question 5 Question 5
A Profit is earned if:
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Question 5 Question 5 Question 5 Question 5
A Profit is earned if:
Your answer: Your answer: Your answer: Your answer:
a) a) a) a) Assets exceed Expenditure.
Correct answer: Correct answer: Correct answer: Correct answer:
b) b) b) b) Income exceeds Expenditure.
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A Profit is earned if income exceeds Expenditure.
Question 6 Question 6 Question 6 Question 6
The purchase journal purchase journal purchase journal purchase journal records:
Your answer: Your answer: Your answer: Your answer:
a) a) a) a) invoices from creditors.
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The purchase journal purchase journal purchase journal purchase journal records invoices from creditors.
Question 7 Question 7 Question 7 Question 7
The two main types of ledger are:
Your answer: Your answer: Your answer: Your answer:
a) a) a) a) sales and purchases.
Correct answer: Correct answer: Correct answer: Correct answer:
b) b) b) b) personal and impersonal.
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Correct answer: Correct answer: Correct answer: Correct answer:
b) b) b) b) personal and impersonal.
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The two main types of ledger are personal and impersonal.
Question 8 Question 8 Question 8 Question 8
If a business shows a debit balance in its own record of its bank balance, this indicates:
Your answer: Your answer: Your answer: Your answer:
a) a) a) a) the business has a bank overdraft.
Correct answer: Correct answer: Correct answer: Correct answer:
c) c) c) c) the business has money in the bank.
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This indicates that the business has money in the bank.
Question 9 Question 9 Question 9 Question 9
The extended balance sheet equation, which is the basis of double-entry bookkeeping, is:
Your answer: Your answer: Your answer: Your answer:
a) a) a) a) Assets + Expenses = Liabilities + Income - Capital
Correct answer: Correct answer: Correct answer: Correct answer:
d) d) d) d) Assets + Expenses = Liabilities + Income +Capital
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The extended balance sheet equation is: Assets + Expenses = Liabilities + Income +Capital
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The extended balance sheet equation is: Assets + Expenses = Liabilities + Income +Capital
Question 10 Question 10 Question 10 Question 10
A trial balance which shows equal totals for both debit and credit columns:
Your answer: Your answer: Your answer: Your answer:
a) a) a) a) shows that the arithmetic is correct, but errors may still be present in the bookkeeping system.
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A trial balance which shows equal totals for both debit and credit columns shows that the arithmetic is correct, but errors may still be
present in the bookkeeping system.
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