The Accounting Equation states that Assets are equal to Owner's Equity?

• Plus Liabilities

• Minus Liabilities

• Plus Incomes

• Minus Expenses

An example of an expense is?

• Interest on Fixed Deposit

• Equipment

• Fuel

• Mortgage Loan

An example of an income is?

• Salaries and Wages

• Sales

• Fixed Deposit (Investment)

• Drawings

An alternative way of expressing the Accounting Equation is?

• A + L = OE

• OE + A = L

• L = OE + A

• A - L = OE

The following account would be reflected in the Income Statement?

• Interest on Fixed Deposit (Investment)

• Creditors

• Debtors

• Drawings

The following account will be reflected in the Balance Sheet?

• Bank Overdraft

• Interest on Overdraft

• Cost of Sales

• Trial Balance

Fill in the missing item from the Accounting Cycle.

1. Transaction 2. Document 3. _______________ 4. Ledger

5. Trial Balance

• Journal

• Nominal Section

• Balance Sheet Section

• Income Statement

T-accounts are shown in the?

• Cash Receipts Journal

• Ledger

• Cash Payments Journal

• Transaction

The following results in a increase in Owner's Equity:

• Drawings

• Loan

• Bank Overdraft

• Rent Income

Accounting is fantastic to learn because:

• My teacher is the best!

• The classroom is the coolest in the school.

• Because it is a useful life skill.

• Because it is easy to get high marks in Grade 12.