EMS Grade 9 T1 Baseline concepts Activity

The first step in the Accounting Cycle is ...

• Journals

• Transactions

• Source documents

• Trial Balance

A ______ is proof that the transaction took place.

The ledger reflects the following Accounting equation:

• Assets = Equity - Liabilities

• Assets = Liabilities - Owner's Equity

• Assets = Incomes + Expenses

• Assets = Owner's Equity + Liabilities

Nominal Accounts section consists of ...

• Assets and Liability Accounts

• Incomes and Expenses

• Profit and capital

• Owner's equity and Assets

Balance Sheet Accounts section consists of ...

• Assets, Equity and Liabilities

• Incomes and Expenses

• Profit and capital

• Owner's equity and Assets

Books of first entry and where record is kept of all transactions that took place.

• Selling Journals

• Subsidiary Journals

• General Ledger

• Trial Balance

All cash that is received by a business is recorded in the ...

• CPJ

• CJ

• CRJ

• DJ

All amounts paid out each month by the business are recorded in the ...

• CPJ

• CJ

• CRJ

• DJ

EFT stands for ...

Debit side is on the right-hand side of the account

• True

• False