Gr 8 Accounting Revision Quiz

Which one of the following accounts will be classified a current asset?

• Equipment

• Bank overdraft

• Stationery

• Petty cash

A business had expenses of R20 000 and income of R45 000. The business made a ....

• Profit of R25 000

• Loss of R25 000

• Profit of R45 000

• Loss of R20 000

The business has assets valued at R200 000 and liabilities of R150 000. Owner's equity equals...

• R350 000

• R50 000

• R150 000

• R200 000

Which one of the following represents the Accounting Equation?

• Assets + Liabilities = Owner's Equity

• Assets + Owner's Equity = Liabilities

• Assets - Liabilities = Owner's Equity

• Assets = Owner's Equity - Liabilities

The following is an example of a non-current liability:

• bank overdraft

• short-term loan

• mortgage loan

• credit card

A business made a loss of R20 000. Income amounted to R80 000. Therefore expenses were...

• R60 000

• R120 000

• R100 000

• R80 000

The following is an example of an expense:

• equipment

• business license

• interest on current account

• drawings

The following is a source document that you will only find in the CRJ:

• bank statement

• cheque counterfoil

• duplicate receipt

• proof of payment

If a car dealership buys a delivery van with the intention to sell it at a profit, the delivery van will be classified as:

• vehicles

• equipment

• trading stock

• consumable stores

A business has R400 000 worth of land and buildings; R30 000 in the bank; R500 in petty cash and R50 000 worth of equipment. Their non-current assets equals...

• R50 500

• R480 500

• R480 000

• R450 000