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WorksheetsTT2 IGCSE Accounting equation
Total questions: 15
Worksheet time: 5mins
Which of the following is incorrect?
A = L+OE
L = OE+A
OE = A-L
A = OE+L
Indicate which two are correct.
Assets increase on the debit side
Assets increase on the credit side
Assets decrease on the debit side
Assets decrease on the credit side
Indicate which two are correct.
Owner's equity increases on the debit side
Owner's equity increases on the credit side
Owner's equity decreases on the debit side
Owner's equity decreases on the credit side
Indicate which two are correct.
Liabilities increase on the debit side
Liabilities increase on the credit side
Liabilities decrease on the debit side
Liabilities decease on the credit side
Jason introduced capital of $40 000 into the business bank account.
Debit bank + credit Owner's equity
Debit owner's equity + credit bank
Purchased premises, $25 000, by cheque.
Debit bank + credit premises
Debit premises + credit bank
Purchased goods, $9500, on credit from Lynne.
Debit purchases + credit Lynne
Debit Lynne + credit purchases
Cash sales, $320
Debit sales + credit cash
Debit cash + credit sales
Jason (owner) took goods ,$100, for own use.
Debit bank + credit drawings
Debit purchases + credit drawings
Debit drawings + credit bank
Debit drawings + credit purchases
Sold goods, $1460, on credit, to Paul.
Debit purchases + credit Paul
Debit Paul + credit purchases
Paid Lynne (trade payable) $8000, on account, by cheque.
Debit Lynn + credit bank
Debit bank + credit Lynn
Paul (trade receivable) returned goods, $120.
Debit sales returns + credit Paul
Debit Paul + credit sales returns
Received a long term loan, $10 000, by cheque, from ABC Finance.
Debit Loan: ABC Finance + credit bank
Debit bank + credit loan:ABC Finance
Paid assistant’s wages in cash, $200.
Debit bank + credit wages
Debit wages + credit bank
Debit cash + credit wages
Debit wages + credit cash
Paul (trade receivable) paid the amount outstanding by cheque.
Debit Paul + credit bank
Debit bank + credit Paul
