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How good you are in book-keeping?
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time limit:t < 10 min - Developed by: Nazneen Lalji - Developed on: - 4,015 taken - User Rating: 3,9 of 5 - 8 Votes

How good you are in book-keeping?

Figure out how good you are in book-keeping.

Question 1:What is book-keeping?
is the principle aim of making profit.
is to record the transactions in the books.
is an art of correctly recording in the books all those business transactions that result in transfer of money worth within or between the entities.

Question 2:There are two types of business transactions. Name them.
profit transaction and folio transaction.
cash transaction and credit transaction.
record transaction and payment transaction.

Question 3:Mention atleast one importance of Book-keeping.
recording payments.
Making losses.
Determination of profit.

Question 4:What is double-entry system?
is a book which includes transactions.
is a term which includes all activities in the process of production.
is a book-keeping principle which states that each transaction must be recorded twice.

Question 5:What is an account?
means recording of payments
means details or records of transaction made in ledger books.
means recording in goods and services

Question 6:What is the abbreviation of Debit?
Da
De
Dr

Question 7:What is credit transaction?
is when there is an immediate payment.
is where goods are bought.
is the situation where by goods and services are bought or sold but payment is made later.

Question 8:Bought motorvan from unique shs 2000. So what are you going to debit and what are you going to credit?
Credit motorvan account and debit purchases account.
Debit unique account and Credit motorvan account.
Debit motorvan account and credit unique account.

Question 9:Any account has two sides which are equal. Name them.
right hand side and corner hand side.
debit hand side and credit hand side.
left hand side and right hand side.

Question 10:State the double entry system.
when you debit you must record.
when you credit you must record.
when you debit you must credit and the viceversa is true

This Quiz has been designed by Nazneen Lalji.