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WorksheetsAccounting Elements
Total questions: 23
Worksheet time: 10mins
Section A:
Answer all the questions in Section A, B and C. For each question, there are four possible answers. Let's start!
Which of the following statement best defines an asset?
Assets are debts owed by customers that are expected to generate future benefits.
Assets are resources belonging to the owner that are expected to generate future benefits.
Assets are resources owned by the business that are expected to generate future benefits.
Assets are items that are useful and of value e.g. laptop, iphone, skateboard etc.
Which answer contains ONLY assets?
Car, equipment, land and trade receivable.
Bank loan, truck, shelves and computer.
Printer, motorbikes, inventory and capital.
Desk, photocopier machine, trade payable and factory.
What is the asset group for desk, chairs, shelves and lightings?
Motor vehicle
Plant and equipment
Office equipment
Fixtures and fittings
What is the asset group for laptop, computer and photocopier machine?
Equipment
Office equipment
Fixtures and fittings
Inventory
What are goods kept in the business to be sold to customers known as?
Fixtures and fittings
Inventory
Trade receivable
Other receivable
What is trade receivable?
The amount the business owes to a customer
The amount a supplier of goods owes to the business
The amount a customer owes to the business
The amount the business owes to a supplier of goods
What is trade payable?
The amount the business owes to a customer
The amount a supplier of goods owes to the business
The amount a customer owes to the business
The amount the business owes to a supplier of goods
Which one is not a liability?
Bank loan
Long term borrowing
Cash at bank
Bank overdraft
What is capital?
Cash contributed by the owner to operate the business
Assets contributed by the owner to operate the business
Assets that have been taken out of the business by the owner for business use
Assets that have been taken out of the business by the owner for his personal use
1. What is the amount taken out by the owner from the business for his personal use known as?
Drawing
Capital
Cash in hand
Cash at bank
Section B:
Beng Seng operates a men leather shoe retail business. The remaining questions 11 to 20 relate to Beng Seng's business transactions during the month. Let's start!
Beng Seng’s business owns these assets. Which one is inventory?
Beng Seng owes 1-month rent to the landlord for the use of the retail shop at Bugis Junction. What is the outstanding (unpaid) amount known as?
Short-term borrowing
Long-term borrowing
Other payable
Trade payable
In the shop, what are the cash and cheques kept in the cash register and safety box known as?
Trade receivable
Capital
Cash at bank
Cash in hand
Beng Seng withdrew $500 from the business bank account and lend the money to Suzy, the shop’s sales assistant. What was the debt owe by Suzy known as?
Bank Loan
Bank Overdraft
Trade receivable
Other trade receivable
The business bought leather shoes from Genuine Leather Shoes Export Company. At the end of the month, the business owed Genuine Leather Shoes Export Company $30,000. What is the outstanding (unpaid) balance of $30,000 known as?
Bank Loan
Trade payable
Other payable
Cash at bank
The business bought a computer for administrative use in the shop. What asset group does the computer belong to?
Plant and equipment
Office equipment
Inventory
Fixtures and fittings
Beng Seng transferred $15 000 from his personal bank account to the business bank account to settle the outstanding balance owed to Genuine Leather Export Company. What is Beng Seng’s transfer of $15 000 from his personal bank account to the business bank account known as?
Capital
Drawing
Cash in hand
Other payable
Beng Seng was able to withdraw $1 000 from the business bank account even though the bank account had a balance of only $20. What is the special arrangement the business had with the bank called?
Long-term borrowing
Cash at bank
Cash in hand
Bank overdraft
Beng Seng withdrew $200 from the business bank account to pay for his daughter’s ballet class. What is the $200 amount Beng Seng took from the business known as?
Other receivable
Other payable
Drawing
Bank overdraft
Which one best represents Equity of the business?
Equity = Capital
Equity = Capital – Drawing - loss
Equity = Capital – Drawing - Profit
Equity = Asset + Liability
Section C: Survey
I find the lesson on Asset, Liability and Equity interesting and engaging.
Disagree
Strongly disagree
Agree
Strongly agree
I have read up and prepared before the lesson.
Disagree
Strongly disagree
Agree
Strongly agree
I find the pace of the lesson ___________ for me.
Too slow
Just right
Too fast
