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WorksheetsPOA - 4th
Total questions: 10
Worksheet time: 5mins
Which of the following statements is incorrect?
Asset + Capital = Liabilities
Capital = Assets - Liabilities
Liabilities + Capital = Assets
Liabilities = Assets - Capital
Which of the following is not an sset?
Cash at bank
Premises
Stock
Creditors
Which of the following is a liability?
Buildings
Debtors
Loan from J. Henry
Equipment
Which of the following is incorrect?
Asset Liability Capital
$18270 $5,290 $12,980
Asset Liability Capital
$ 9,340 $3,120 $6,220
Asset Liability Capital
$15,160 $6,380 $7,780
Asset Liability Capital
$12,230 $1,390 $10,840
Which of the following best describes the meaning of 'Sales'?
Items sold for cash or on credit
Assets sold on credit
The items bought previously
Sale of items previously included in 'Purchases'
Which of the following should not be called 'Purchases'?
Purchase of a motor van for use by a business
Goods bought on credit
Goods bought for cash
Items bought for the prime purpose of resale
Which of the following is correct?
Capital is reduced by loss
Profit does not affect capital
If there is no profit there is no capital
A loan received will reduce capital
Which of the following best describes a trial balance?
Is the final account in the books
Shows all the asset balances
Is a list of balances on the books
Discloses the financial position of a business
When should the trial balance totals differ?
Only when it is drawn up by an accountant
When drawn up before the profit and loss account is prepared
If drawn up halfway through the financial year
Never
The trading and profit and loss can be done using ____ formats.
1
3
2
4
