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TEC Assessment 6 Answers : TEC Question Answer Key 2021 | TEC Assessment Answers pdf | ( Recording Business Transactions )

 

TEC Assessment 6 Answers

 Recording Business Transactions

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Table of Content (toc)


TEC Exam Questions and Answers: Recording Business Transactions

1._______ is a record of all of a business’ existing assets, liabilities and equity.

    Profit and Loss Statement 
    Statement of Cash Flow 
    Balance Sheet

ANSWER= (C)Balance Sheet

 

2.  Select the correct equation 

    Total Assets = Total Liabilities + Equity
    Total Liabilities = Total Assets + Equity 
    Total Equity = Total Assets + Total Liabilities
ANSWER= (A) Total Assets = Total Liabilities + Equity

 

3. _______ is a record of all of a business’ existing assets, liabilities and equity.

    Profit and Loss Statement
    Statement of Cash Flow
    Balance Sheet
ANSWER= (B) Balance Sheet

 

Read More : TEC Assessment 7 Answers : TEC Question Answer Key 2021 | TEC Assessment Answers pdf | ( Basic Financial Terms ) 


4.Geeta has a grocery shop; the customers have already paid Rs 5,000 to her. Geeta decided to pay her supplier Rs.2000 at the end of the week. According to Accrual Basis calculate her Profit? .

    0
    3000
    300
ANSWER= (A) 0

 

5. Equity and liabilities come first in a balance sheet, followed by assets.

    TRUE
    FALSE
ANSWER= (A) TRUE

 

6. Transactions are entered into the general journal in chronological order. 

    TRUE
    FALSE
ANSWER= (A) TRUE

 

7.  A business cannot survive for long without _______________.

    Manpower
    Cash
    Infrastructure
ANSWER= (B) Cash

 

Read More : TEC Assessment 8 Answers : TEC Question Answer Key 2021 | CSC TEC Assessment Answers | ( Accounting and Business Reporting ) 


8. Balance Sheet is a record of all of a business’ revenues and costs over a certain period of time, typically, every quarter or every year.

    TRUE
    FALSE
ANSWER= (A) TRUE

 

9. Accountants worldwide use the triple-entry system to record transactions. 

    TRUE
    FALSE
ANSWER= (A) TRUE

 

10. What are three financial sheets that used to record and report a business? 

    Balance Sheet, General Journal, Profit and Loss Statement
    Balance Sheet, Statement of Cash Flow, Ledger Account
    Statement of Cash Flow, General Journal, Ledger Account 
ANSWER= (C) Statement of Cash Flow, General Journal, Ledger Account 




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