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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TEC Exam Questions and Answers: Recording Business Transactions

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

A) Profit and Loss Statement 
B) Statement of Cash Flow 
C) Balance Sheet
D) General Journal

ANSWER= (C) Balance Sheet

 

2.  Select the correct equation 

A) Total Assets = Total Liabilities + Equity
B) Total Liabilities = Total Assets + Equity 
C) Total Equity = Total Assets + Total Liabilities
D) Total Equity = Total Liabilities – Total Assets

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

 

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

A) Profit and Loss Statement
B) Statement of Cash Flow
C) Balance Sheet
D) General Journal

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? .

A) 0
B) 3000
C) 300
D) 5000

ANSWER= (A)  0

 

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

A) TRUE
B) FALSE

ANSWER= (A) TRUE

 

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

A) TRUE
B) FALSE

ANSWER= (A) TRUE

 

7.  A business cannot survive for long without _______________.

A) Manpower
B) Cash
C) Infrastructure
D) None

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.

A) TRUE
B) FALSE

ANSWER= (A) TRUE

 

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

A) TRUE
B) FALSE

ANSWER= (A) TRUE

 

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

A) Balance Sheet, General Journal, Profit and Loss Statement
B) Balance Sheet, Statement of Cash Flow, Ledger Account
C) Statement of Cash Flow, General Journal, Ledger Account 
D) Statement of Cash Flow, Balance Sheet, Profit, and Loss Statement

ANSWER= (C) Statement of Cash Flow, General Journal, Ledger Account 

All TEC Final Exam Answer Key 2021

• TEC Assessment 1 Answers -   Click Here

• TEC Assessment 2 Answers -   Click Here

• TEC Assessment 3 Answers -   Click Here

• TEC Assessment 4 Answers -   Click Here

• TEC Assessment 5 Answers -   Click Here

• TEC Assessment 6 Answers -   Click Here

• TEC Assessment 7 Answers -   Click Here

• TEC Assessment 8 Answers -   Click Here

• TEC Assessment 9 Answers -   Click Here

• TEC Assessment 10 Answers - Click Here

• FINAL Assessment Answers -  Click Here

• TEC Assessment Answers pdf- Click Here

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