Accounting Principles Quiz

Match the term with the best description : Double entry principle

• Source documents are first recorded in journals before being posted to the ledgers.

• Owner’s equity and liabilities are equal to all assets.

• For each debit there is a credit of equivalent value.

• The owner's personal finances are recorded separately from the business's finances.

Match the term with the best description : Accounting equation

• Source documents are first recorded in journals before being posted to the ledgers.

• Owner’s equity and liabilities are equal to all assets.

• For each debit there is a credit of equivalent value.

• The owner's personal finances are recorded separately from the business's finances.

Match the term with the best description : Business entity principle

• Source documents are first recorded in journals before being posted to the ledgers.

• Owner’s equity and liabilities are equal to all assets.

• For each debit there is a credit of equivalent value.

• The owner's personal finances are recorded separately from the business's finances.

Match the term with the best description : Accounting process

• Source documents are first recorded in journals before being posted to the ledgers.

• Owner’s equity and liabilities are equal to all assets.

• For each debit there is a credit of equivalent value.

• The owner's personal finances are recorded separately from the business's finances.

Informal / Indigenous bookkeeping is characterized by the use of:Choose the relevant one.

• Journals

• Ledger entries

• Basic documents that calculate profit

• GAAP principles

Each month, the Debtors List is compared and checked against the…

• Debtors control account

• Creditors control account

• Creditors' List

• Debtors Ledger

Study July 7 and complete the amount outstanding:

• R9 870 debit

• R7 410 debit

• R7 410 credit

• R9 870 credit

If a 4% discount to a debtor, S. Stewart was allowed for the payment on July 8, how much was the cheque amount?

• R7 700

• R8 332

• R7 392

• R8 948

Calculate S. Steward's outstanding account at the end of July.

• R0

• R940

• R632

• R1 556

D Daniels, one of Tow Chart Dealers' other debtors, has owed R980 for quite some time. Mr Chart decided to add interest of 15% p.a. to his account from 30 April to 31 July. Calculate the interest to be charged on his account.

• R147

• R49

• R14,70

• R36,75