
Chapter 2: The accounting equation
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Thu Tran
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting equation can be written as:
Assets + profits - drawings - liabilities = closing capital
Assets - liabilities - drawings = opening capital + profit
Assets - liabilities - opening capital + drawings = profit
Opening capital + profit - drawings - liabilities = assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The capital of a sole trader would change as a result of
a credit customer paying by bank transfer
raw materials being purchased on credit
non-current assets being purchased on credit
personal petrol being paid for out of the business's petty cash
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purpose of the financial statement that lists an entity's total assets and total capital and liabilities is to show:
the financial performance of the entity over a period of time
the amount the entity could be sold for in liquidation
the amount the entity could be sold for as a going concern
the financial position of the entity at a particular point in time
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sole trader is £5,000 overdrawn at her bank and receives £1,000 from a credit customer in respect of its account. Which element(s) of the accounting equation will change due to this transaction?
Assets and liabilities
Liabilities only
Assets only
Assets, liabilities and capital
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sole trader purchases goods on credit. Which element(s) of the accounting equation will change due to this transaction?
Assets and liabilities
Assets and capital
Capital and liabilities
Assets only
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sole trader borrows £10,000 from a bank. Which element(s) of the accounting equation will change due to this transaction?
Assets and liabilities
Assets and capital
Capital and liabilities
Assets only
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sole trader sells goods for cash for £500 which had cost £300. Which element(s) of the accounting equation will change due to this transaction?
Assets and liabilities
Assets and capital
C. Capital and liabilities
D. Assets only
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