Accounting Quiz

____________ represent anything owed by the business.

• Asset

• Liability

• Capital

• Expense

Which of the followings are current assets

• Inventory

• Loan

• Premises

• Trade receivables

• Trade payables

Assets = $15.000

Capital = $9.000

Liabilities = _________

• $24.000

• $8000

• $9000

• $6000

____________ represent any resources provided by the owner of a business

• assets

• liabilities

• capital

• income

Which of the followings are intangible assets?

• patent

• goodwill

• revenue

• copyright

• loan (repayable in 5 years)

Calculate the value of the assets.

• $79904

• $78360

• $88997

• $91.151

Calculate the value of the capital.

• $50000

• $64904

• $53657

• $54.922

Calculate the value of the current liabilities.

• $26247

• $16247

• $14982

• $19982

Paid motor expenses by cheque.

Double entry:___________________________

• Bank debited, Motor expenses credited

• Motor expenses debited, Bank credited

• Cash debited, Motor expenses credited

• Motor vehicle debited, Bank credited

Part of the premises were rented out to another business and a cheque was received.

• Premises debited, Bank credited

• Bank debited, Premises credited

• Rent received debited, Bank credited

• Bank debited, Rent received credited