Grade 9 Accounting concepts and GL revision

If DigiDay Traders pays the owner’s water and electricity account, the account that will be debited is:

• Capital

• Bank

• Drawings

• Water & Electricity

When Digiday Traders pays the Insurance premium of R1 800, what account will be debited?

• Bank

• Expense

• Insurance premium

• Insurance

If DigiDay Traders purchases merchandise for R5 000 by EFT, what account will be debited, and what account will be credited?

• Debit Bank;

  Credit Merchandise

• Debit Bank;

  Credit Trading Stock

• Debit Merchandise; Credit Bank

• Debit Trading Stock;

  Credit Bank

DigiDay Traders has taken out a 10-year loan. What kind of account is the loan to them?

• Non-current liability

• Non-current asset

• Current liability

• Current asset

The owner of DigiDay Traders, Mr Comm Puter, purchased a Ford Bantam bakkie for the delivery person . What kind of account is the Ford Bantam to the business?

• Non-current liability

• Non-current asset

• Current asset

• Current liability

If the driver of the Ford Bantam stopped at the local Total garage and filled up with petrol, what account would be debited when the transaction is recorded?

• Vehicles

• Bank

• Fuel

• Assets

What kind of account is the Fuel used in the Ford Bantam to DigiDay Traders?

• Asset

• Expense

• Liability

• Income

The total fuel for the month is R2 500. How will this affect the profit of DigiDay Traders?

• Increase

• Decrease

• No effect

• Assets increase

What kind of account is Stationery?

• Asset

• Liability

• Income

• Expense

What kind of account is Bank overdraft?

• Asset

• Liability

• Income

• Expense