Year 10 Accounting

Which of the following are Assets?

• Bank Account

• Bank Loan

• Vehicles

• Bank overdraft

• Furniture and fittings

The left side of a T-Account is called

• Debit
• Credit
• Left Side
• Right Side

Amount owed by a business

• liability
• asset
• capital
• account

What is assets? 

• Cash in the business
• Anything that a creditor has financial claim to 
• What remains after liabilities are paid 
• any item or property owned by the business

It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.

• Bookkeeping

• Journalizing

• Accounting

• Auditing

How would an accountant record an increase in cash?

• Debit
• Credit

How would an accountant record an increase in sales?

• debit
• credit

If Assets are $7,300 and Liabilities are $500, how much is Capital?

• $7,800

• $7,300

• $6,800

If Capital is $31,400 and Liabilities are $15,500, how much are Assets?

• $46,900

• $15,500

• $15,900

If Assets are $19,500 and Capital is $14,300, how much are Liabilities?

• 33,800

• $5,200

• $19,500