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WorksheetsGrade 8 Accounting concepts
Total questions: 20
Worksheet time: 10mins
What do we call the cash contribution an entrepreneur gives to a business?
Capital
Current income
Cash
Fixed deposit
Capital can not be one of the following listed items.
Money
Vehicle
Land and buildings
Insurance
Assets are
Items that a business owns and can sell for cash
It's the general expenses of a business
It is a loan to the owner of a business
It is a loan to a bank
Which item is not an asset?
Land and buildings
Vehicles
Bank account
Stationery
Which item from the list is a Liability?
Loan
Bank account
Vehicles
Current income
What is the main disadvantage of a loan?
Interest needs to be paid
The business can close when they have a loan
The business can earn interest on the loan
Selling products to consumers can be seen as
An income
An expense
An asset
A liability
Providing a service to clients and receiving money
Is an income
Is an expense
Is an asset
Is a liability
Incomes from providing a service is seen as
Sales
Rent income
Current income
Interest income
Which item is not an expense?
Material used in the business to render a service
Wages
Salaries
Stationery
Equipment
Expenses are ________ running the business.
capital
costs
stuff
incomes
What is the main aim for an entrepreneur to start a business.
To make a product
To make profit
To make the world a great place
To give people what they want
The opposite of making a profit is making a loss?
True
False
What source document will be received from the bank to show all the transactions that took place between the bank and the business.
Cheque account
Bank Statement
Statement of receipts and payments
Current account
A budget is a plan of how much incomes you expect to receive and how many payments you are going to make.
True
False
Which is not a source document from the list below?
Cheque counterfoil
EFT proof of payment
Receipt
Till slip
Income statement
Who needs to be able to see the financial records of a business?
Owners
No one
Employees
Customers
Which item is an asset?
Bank
Stationery
Packing material
Material costs
Select the expense.
Wages
Furniture
Vehicles
Trading stock
Accounting is a process where information is compressed to make sense of the financial records of a business.
True
False
