Week 1 Workshop 1 Quiz

Every transaction has two effects (debit and credit)

What is asset when Liabilities is £140,000 and Capital £30,000

ABC LTD paid rent of £3,000 in cash on 1/1/20. What accounts are affected

Which of the following is not true of financial accounting

All of the following except one are reasons we create accounts? Select the wrong one out

All the following are advantages of sole trading except

Timmy sells goods for cash £750. What are the accounts affected

Mary started a bakery by putting in £25,000 in the business Bank account

All the following are sources of finance for a business except

Accounts payable is an Asset

All the following are correct about sole proprietorship except one

Asset £100,000; Liabilities £60,000; what is Capital

Which of the following is not a feature of a limited company

Which one of the following is not an external user of accounting information

The following are the main categories for finance. Select the odd one out

Assets £50,000; Capital £20,000; what is liabilities

The owners of a limited company are called shareholders

All the following are examples of Asset except