EMS PAPER 1 QUIZ

the pictureis an example of ...............

• receipt

• source document

• expenses

• general ledger

analyse the picture and choose the correct answer below

• this is not the correct order of accounting cycle i learned in grade 08

• this is a complete accounting cycle

• all the steps are there

current income is received after

• a trading business receive income

• a service business renderes a service and receives income

• the owner deposits capital

• the business closes

give any example of source document

when the owner takes money from the business for his personal use

• drawings

• eft

• expense

• capital

money that is kept in a cash register and used to give customer change

• petty cash

• cash float

• deposit

• capital

isabel and her friend are buying ice cream from TJ SPAZA, they will give out money and they will receive ice creams in return.

we call this a?

• good

• income

• transaction

• source document

this type of business is an example of

• trading business

• service rendered

• current income

• service business

in a CRJ transaction we should check ........................ before we record

• We just answer without checking

• we check only the amount

• date of transaction, source document, the amount, what the amount was for, from whom did we receive the money

• we only check for service rendered

1. 01. bought a vehicle for 50 000 from vw pretoria, receipt 02 was issued.

the correct recording in accounting equation will be?

• assets: - 50 000

  cash decrease.

  +50 000

  vehicle increase

• assets: + 50 000

  vehicle increase

  owners equity: + 50 000

  income increases OE

• Assets: +50,000 (Vehicle) / Liabilities: -50,000

• Assets: -50,000 (Vehicle) / Liabilities: +50,000