Part 2 Gr.8 Quiz

Question Number 1 The ledger contains two parts. A. True B. False Question Number 2 The ledger and subsidiary books can be purchased from any bookstore and must be registered with the BIR. A. True B. False Question Number 3 The subsidiary book records cash only. A. True B. False Question Number 4 Disbursement records the purchases made by the company. A. True B. False Question Number 5 Salaries of workers can be computed on a daily, weekly, twice a month or monthly basis. A. True B. False Question Number 6 It is the recording all the transactions arising from your business activities which you be expressed in money. A. Debit B. Account C. Bookkeeping Question Number 7 It is where you record the cash and credit sales of the company. A. Sales Subsidiary book B. Credit C. Book Question Number 8 It is where you record the cash and credit purchases made by the company. A. Credit B. Purchase subsidiary book C. Payroll D. None of the Above Question Number 9 It is the normal balance of liabilities and owner’s equity. A. Credit B. Sales Subsidiary book C. Payroll D. None of the Above Question Number 10 It is where you record the cash received by the company whether from sales or from credit sales. A. Payroll B. Ledger C. Cash Receipts Subsidiary D. None of the Above Question Number 11 It is the computed salaries of workers on a daily, weekly, twice a month or monthly basis salary. A. Payroll B. Bookkeeping C. Ledger D. None of the Above Question Number 12 It allows you to determine how much money you have earned and spent. A. Bookkeeping B. Bookkeeping C. Sales Subsidiary book D. None of the Above Question Number 13 It is a record that contains two parts, one part is the amount received and the other is the amount spent. A. Debit B. Account C. Ledger D. None of the Above Question Number 14 It is an accounting form of record in which the effect of similar business transactions affecting basic accounting elements or group are classified. A. Book B. Account C. Purchase subsidiary book D. None of the Above Question Number 15 It is the normal balance of an asset. A. Credit B. Bookkeeping C. Book D. Debit Question Number 16 It is a summary of financial balances of a company. A. Liabilities B. Assets C. Balance sheet D. Equity Question Number 17 It is where you record the cash received by the company whether from sales or from credit sales. A. Payroll B. Ledger C. Cash Receipts Subsidiary D. None of the Above Question Number 18 It is the computed salaries of workers on a daily, weekly, twice a month or monthly basis salary. A. Payroll B. Bookkeeping C. Ledger D. None of the Above Question Number 19 It allows you to determine how much money you have earned and spent. A. Bookkeeping B. Bookkeeping C. Sales Subsidiary book D. None of the Above Question Number 20 It represents value owned by the company such as equipment, goods and cash. A. Assets B. Balance sheet C. Liabilities D. None of the Above