Grade 8 Revision Quiz

What is defined as:

"amounts owed by the business to other people or institutions"

• Assets

• Liabilities

• Incomes

• Expenses

How do you classify Debtor's Control?

• Current Asset

• Non-Current Asset

• Current Liabilities

• Non-Current Liabilities

Select all the expenses.

• Rent expense

• Current income

• Interest on fixed deposit

• Interest on loan

• Desk

Sales = R55 000

Cost of Sales = R18 500

Incomes = R6 450

Expenses = R8 350

Assets = R19 450

Liabilities = R10 000

Capital = R692 000

Calculate Gross Profit

Sales = R55 000

Cost of Sales = R18 500

Incomes = R6 450

Expenses = R8 350

Assets = R19 450

Liabilities = R10 000

Capital = R692 000

Calculate Net Profit

Sales = R55 000

Cost of Sales = R18 500

Incomes = R6 450

Expenses = R8 350

Assets = R19 450

Liabilities = R10 000

Capital = R692 000

Calculate Profitability (Return on Investment)

Select all the source documents that can be included in the CRJ.

• Bank Statement

• Invoice

• Receipt

• CRR

Which is the correct Accounting Equation?

• A = OE + L

• A = OE - L

• L = A + OE

• OE = A + L

Select all that increase on the CREDIT side.

• Capital

• Drawings

• Incomes

• Liabilities

• Assets

Select which affects Owner's Equity column in Accounting Equation.

• Assets

• Capital

• Incomes

• Liabilities