Test your knowledge of Accounting basics.
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Question 1 of 5
1. Question
What is the accounting equation for capital employed?
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Question 2 of 5
2. Question
When preparing a sole trader’s annual accounts, no adjustments were made for closing amounts prepaid.
What is the effect of these omissions?CorrectIncorrect -
Question 3 of 5
3. Question
Which item is revenue expenditure?
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Question 4 of 5
4. Question
In the cash book of a company the bank account showed a credit balance of $5000. There were unpresented cheques amounting to $1500. The bank statement showed bank charges of $700 not in the cash book.
What is the balance on the bank statement?
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Question 5 of 5
5. Question
A business increases its provision for doubtful debts by $1600. What will be the effect of this adjustment on the final accounts?
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