Life Skills & Finance MCQ

Correct answer: The transaction's explanation for future readers. From lesson: Journal entries: recording transactions

Correct answer: Account. From lesson: Ledger posting: sorting by account

Correct answer: All cash receipts and payments. From lesson: Cash book: the small business workhorse

Correct answer: Your books and the bank statement. From lesson: Bank book and reconciliation

Correct answer: Which customers owe how much. From lesson: Purchase and sales books

Accounting, study skills, health and everyday life questions.

Q11. A journal entry's narration provides: Medium

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Q12. The ledger organises transactions by: Medium

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Q13. The cash book records: Medium

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Q14. Bank reconciliation explains differences between: Medium

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Q15. Party-wise sales records let you track: Medium

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Q16. A balanced trial balance proves: Medium

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Q17. Gross profit equals: Medium

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Q18. A balance sheet shows the position: Medium

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Q19. Straight-line depreciation charges: Medium

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Q20. Overstating closing stock: Medium

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