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Revision Week 3

Total questions: 29

Worksheet time: 8mins

Name
Class
Date
1.

Trade Receivables

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

2.

Land and Building

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

3.

Loan

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

4.

Purchases

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

5.

Trade Payables

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

6.

Wages and Salaries Expense

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

7.

Revenues

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

8.

Fees Earned

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

9.

Equipment

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

10.

Supplies

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

11.

Fixtures and Fittings

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

12.

Bank Overdraft

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

13.

Drawing

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

14.

Wages and Salary Payables

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

15.

Telephone Expense

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

16.

Prepaid Insurance

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

17.

Cash

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

18.

Contribution

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

19.

Retained Earning

a)

Asset

b)

Liability

c)

Equity

d)

Income

e)

Expense

20.

How the following transaction affects the elements of financial statement:

The owner takes out $200 cash for his personal use

a)

Assets increases and Asset decreases

b)

Liability/Capital increases and Liability/Capital decreases

c)

Assets increases and Liability/Capital increases

d)

Asset decreases and Liability/Capital decreases

21.

How the following transaction affects the elements of financial statement:

Bought laptop computer on time from Timeless Ltd

a)

Assets increases and Asset decreases

b)

Liability/Capital increases and Liability/Capital decreases

c)

Assets increases and Liability/Capital increases

d)

Asset decreases and Liability/Capital decreases

22.

How the following transaction affects the elements of financial statement:

A debtor, T.Robb, paid us by cheque

a)

Assets increases and Asset decreases

b)

Liability/Capital increases and Liability/Capital decreases

c)

Assets increases and Liability/Capital increases

d)

Asset decreases and Liability/Capital decreases

23.

How the following transaction affects the elements of financial statement:

Repaid part of loan from I.Simms in cash

a)

Assets increases and Asset decreases

b)

Liability/Capital increases and Liability/Capital decreases

c)

Assets increases and Liability/Capital increases

d)

Asset decreases and Liability/Capital decreases

24.

How the following transaction affects the elements of financial statement:

Bought goods on time $760

a)

Assets increases and Asset decreases

b)

Liability/Capital increases and Liability/Capital decreases

c)

Assets increases and Liability/Capital increases

d)

Asset decreases and Liability/Capital decreases

25.

How the following transaction affects the elements of financial statement:

Sold some of goods for $750 on time to Jevons Co

a)

Assets increases and Asset decreases

b)

Liability/Capital increases and Liability/Capital decreases

c)

Assets increases and Liability/Capital increases

d)

Asset decreases and Liability/Capital decreases

26.

How the following transaction affects the elements of financial statement:

Took $180 out of the bank and put it into the cash on hand

a)

Assets increases and Asset decreases

b)

Liability/Capital increases and Liability/Capital decreases

c)

Assets increases and Liability/Capital increases

d)

Asset decreases and Liability/Capital decreases

27.

How the following transaction affects the elements of financial statement:

Repaid part of Fox’s loan by cash $500

a)

Assets increases and Asset decreases

b)

Liability/Capital increases and Liability/Capital decreases

c)

Assets increases and Liability/Capital increases

d)

Asset decreases and Liability/Capital decreases

28.

How the following transaction affects the elements of financial statement:

Paid electricity bill by cash

a)

Assets increases and Asset decreases

b)

Liability/Capital increases and Liability/Capital decreases

c)

Assets increases and Liability/Capital increases

d)

Asset decreases and Liability/Capital decreases

29.

How the following transaction affects the elements of financial statement:

Started business by putting $15.000 of Liza's money into a business bank account

a)

Assets increases and Asset decreases

b)

Liability/Capital increases and Liability/Capital decreases

c)

Assets increases and Liability/Capital increases

d)

Asset decreases and Liability/Capital decreases

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