Grade 8 EMS | Term 2 Lesson 2 | The Accounting Equation

Front

What is the Accounting equation?

Back

Assets = Owner's equity + Liabilities

Front

The following are examples of a service business.*

Back

All of the above

Front

Examples of fixed assets.

Back

Vehicles, Equipment, Land & Buildings

Front

State whether the following statement is true or false? Capital and income increases your owner's equity.

Back

True

Front

State whether the following statement is true or false? Drawings is an expense.

Back

False

Front

State whether the following statement is true or false?  Capital is not an income

Back

True

Front

State whether the following statement is true or false? When an amount is directly deposited in the bank account, you entered it in the analysis of receipts column in the CRJ.

Back

False

Front

Show the effect on the accounting equation of the following transaction: The owner deposits R500 000 in the bank account of the business.

Back

Assets and owners' equity increases with R500 000

Front

The following documents are used in the CRJ*

Back

Receipt, Cash register roll, Deposit slip

Front

What is the name for services rendered?

Back

Current income