WorksheetsReview of Assits, Liability, & Equity
Total questions: 16
Worksheet time: 10mins
Which of the following are Assets? Select all that apply.
Bank Account
Bank Loan
Vehicles
Bank overdraft
Furniture and fittings
Select all that are liabilities.
Bank Loan
Stock / inventory
Mortgage
Accounts Payable
Equity can also be called Capital
TRUE
FALSE
When the business is owed money it is called
Accounts Receivable
Account Payable
Select all of the expenses
Insurance
Salaries
Sales
Fees Received
Petrol
Select all types of income.
Sales
Fees Received
Salaries
Staff Wages
Advertising
When a business owner invests in the business
Equity increases.
Equity decreases.
When the owner takes money out the business for personal use it is called
Drawings
Withdrawal
Investment
Assets - Liabilities = Equity
TRUE
FALSE
Select all that increases equity.
Owners investments +
Drawings +
Profit
Loss
Select ALL that decrease equity.
Drawings +
Loss
Profit
Income +
If I buy equipment for $1000, which two columns will be adjusted?
This is a - $1000 in bank column
This is a - $1000 in equipment column
This is a + $1000 in equipment column
This is a + $1000 in bank column
If I take home $500 for personal use from my business, which transactions will I carry out?
Decrease bank Column by - $500
Increase bank Column by + $500
Decrease Equity by - $500
Increase Equity by + $500
Assess = Liabilities+Owner's Equity is known as the
accounting system
transaction
accounting equation
none of these
Which topics are you interested in knowing more about? Check all that apply.
Personal budgeting
Different careers related to accounting
Ethical Business Decissions
Listen carefully and record the definition of ethics as given. There are two spellings of principle with two different meanings. You want to use principles.
(a)
