Accounting Concepts and Principles

What is the term for an entry found on the left side of the General Ledger?

• C. Drawings

• B. Debit

• A. Credit

• D. Capital

Which of the following is classified as petty cash?

• A. Money kept for minor expenses

• C. Money invested in stocks

• D. Money used for large purchases

• B. Money in a savings account

True or False: For every debit, there is another debit entry.

• A. True

• B. False

• C. Depends on the transaction

• D. Not applicable

What does the term 'drawings' refer to in a business context?

• A. Money earned from sales

• B. Money taken from the business for personal use

• C. Money invested in the business

• D. Money paid to employees

What is the purpose of analyzing receipts in the Cash Receipts Journal?

• D. To manage employee wages

• A. To track expenses

• B. To ensure accurate income reporting

• C. To calculate taxes

How much did Audrey pay for petrol in December 2019?

• C. R1,200

• B. R1,000

• D. R384

• A. R500

What is the total amount received by Audrey for her services at Board Attorneys?

• B. R1,200

• D. R1,800

• C. R1,500

• A. R1,000

True or False: Cash float is classified as a non-current asset.

• A. True

• B. False

• C. Only if it exceeds R1,000

• D. Depends on the business

What is the total amount Tracey received for treating a family of four?

• A. R900

• D. R1,800

• B. R1,200

• C. R1,500

What is the total capital contribution made by Tracey?

• A. R5,000

• B. R10,000

• C. R15,000

• D. R20,000