Grade 10 Accounting Quiz

What does a balance sheet show?

• The financial condition of a business

• Only the assets of a business

• The income of a business

• The liabilities only

Which of the following is a fixed asset?

• Stock/Inventory

• Cash at Bank

• Motor Vehicles

• Debtors

What are current assets?

• Assets that are quickly turned into cash

• Assets that last more than one year

• Assets that are used for long-term investment

• Assets that are not owned by the business

Which of the following is a long-term liability?

• Mortgage

• Accounts Receivable

• Creditors

• Bank Overdraft

What is the accounting equation?

• Assets = Liabilities + Capital

• Capital = Assets + Liabilities

• Liabilities = Assets + Capital

• Assets = Capital - Liabilities

Which of the following is considered a current liability?

• Mortgage

• Bank Overdraft

• Land and Building

• Long-term loans

What is the total of resources supplied by the owner called?

• Capital

• Drawings

• Assets

• Liabilities

Which of the following is an example of a current asset?

• Cash in hand

• Motor Vehicles

• Machinery and Equipment

• Land and Building

What does 'Order of Permanence' refer to in a balance sheet?

• Listing items by their value

• Listing items by liquidity

• Listing items by how long they last

• Listing items by their age

What is the meaning of 'Debtors'?

• People who owe money to the business

• People to whom the business owes money

• Assets owned by the business

• Liabilities of the business