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Grade 9-POA Revision

This document contains a 10 question quiz on accounting concepts. The questions cover topics such as the definition of accounting, what liabilities and capital are, different types of business organizations, the main focus of bookkeeping, accounts receivable vs accounts payable, common career paths in accounting, the definition of a debtor, the starting point of the accounting cycle, and the final step of the accounting cycle. The quiz is accompanied by an answer key providing the correct response for each question.

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Gierome Ian Bisana
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92 views2 pages

Grade 9-POA Revision

This document contains a 10 question quiz on accounting concepts. The questions cover topics such as the definition of accounting, what liabilities and capital are, different types of business organizations, the main focus of bookkeeping, accounts receivable vs accounts payable, common career paths in accounting, the definition of a debtor, the starting point of the accounting cycle, and the final step of the accounting cycle. The quiz is accompanied by an answer key providing the correct response for each question.

Uploaded by

Gierome Ian Bisana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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9/1/23, 5:17 PM Grade 9-POA Revision

NAME : 
CLASS : 
Grade 9-POA Revision
10 Questions DATE  : 

1. 1. Which of the following best describes “Accounting”?

Keeping accounts up-dated so as to Keeping an accurate account of the firm’s


A ensure that the business makes B business dealings with debtors and
maximum profits. creditors.

Coordinating and interpreting financial Assuming accountability for all aspects of


C data for use in management decision D the firm’s management.
making

2. 2. Liabilities are:

A B) Items a business has in stock B C) Money a business owes

C D) Money a business is owed D A) Things the business owns

3. 3. Capital is contributed to the business by:

A B) Assets B A) A loan from the bank

C C) Capital D D) Owner

4. 4. Which of the following business organization is owned and operated my one man?

A C) Company B D) Co-operative

C B) Sole trader D A) Partnership

5. 5. Bookkeeping is mainly concerned with?

B) Interpreting the data C) Designing the systems for recording,


A B
classifying and summarizing

A) Recording the Economic Activities D) The recording of financial information,


C D particularly transactions, in a systematic
way.

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9/1/23, 5:17 PM Grade 9-POA Revision

6. 6. The amount due to the credit customer is referred to as

A D) Capital B C) Assets

C B) Account payable D A) Account receivable

7. 7. Two career areas in accounting are?

A C) Insurance and brokers B B) Insurance and management

C A) Bank manager and entrepreneurship D D) Accountant and bank teller

8. 8. Which of the following best describe a debtor? Someone:

D) To whom the business has given a B) To whom the business owes money
A B
discount

C C) Has bought goods for cash D A) Who owes the business money

9. 9. The accounting cycle starts with the:

A A) preparation of ledger accounts B C) Collecting all business transaction

C B) preparation of trial balance D D) preparation of adjusting entries

10. 10. What is the final step of the accounting cycle?

A D) Post-closing trial balance B C) Closing accounts

C A) Preparation of financial statement D B) Adjustments

Answer Key

1. c 2. b 3. d 4. c

5. d 6. c 7. b 8. d

9. b 10. c

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