WorksheetsGrade 9
Total questions: 10
Worksheet time: 5mins
The Accounting Equation states that Assets are equal to Owner's Equity?
Plus Liabilities
Minus Liabilities
Plus Incomes
Minus Expenses
An example of an expense is?
Interest on Fixed Deposit
Equipment
Fuel
Mortgage Loan
An example of an income is?
Salaries and Wages
Sales
Fixed Deposit (Investment)
Drawings
An alternative way of expressing the Accounting Equation is?
A + L = OE
OE + A = L
L = OE + A
A - L = OE
The following account would be reflected in the Income Statement?
Interest on Fixed Deposit (Investment)
Creditors
Debtors
Drawings
The following account will be reflected in the Balance Sheet?
Bank Overdraft
Interest on Overdraft
Cost of Sales
Trial Balance
Fill in the missing item from the Accounting Cycle.
1. Transaction 2. Document 3. _______________ 4. Ledger
5. Trial Balance
Journal
Nominal Section
Balance Sheet Section
Income Statement
T-accounts are shown in the?
Cash Receipts Journal
Ledger
Cash Payments Journal
Transaction
The following results in a increase in Owner's Equity:
Drawings
Loan
Bank Overdraft
Rent Income
Accounting is fantastic to learn because:
My teacher is the best!
The classroom is the coolest in the school.
Because it is a useful life skill.
Because it is easy to get high marks in Grade 12.
