Gr.8 EMS Accounting Concepts

In a sole trader the owner receives all the profit but also bears all the loss.

• True

• False

Fill in the missing word:

In accounting, it is extremely important to always distinguish between the business and the ________.

An example of a sole trader is a butchery.

• True

• False

Fill in the missing word:

When doing a business's books, always look at them from the ________ point of view.

Witch transaction is not part of a business expense?

• Stationary

• School funds

• Salaries

• Water and Electricity

What is possessions and property called?

• Assets

• Liabilities

• Owners equity

• Entities

An example of non-current assets is:

• Bank

• Savings account

• Ground and buildings

• Trading stock

Ownership intrest / equity is divided into 2 categories.

• True

• False

Current liabilities is debt that is repaid over more than 1 year.

• True

• False

Fill in the blank:

A business's income increase the ownership interest while expenses again _______ the ownership interest