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WorksheetsYr9 Bus - lesson 5
Total questions: 20
Worksheet time: 5mins
A balance sheet is...
A loan FROM the ANZ bank is considered a
liability
asset
owner's equity
Which answer is correct to figure out the amount of Owner's Equity
Assets + Liability
Assets - Liability
Assets - Revenue
Why do we need double entry?
Using the Accounting Equation, what is the Owner's Equity if Assets are $300 and Liabilities are $200
$500
$300
$100
$200
Using the Accounting Equation, what is the amount of Assets, if Liabilities are $50 and Owners Equity is $100
$50
$100
$150
$300
Using the Accounting Equation, what is the amount of Owner's Equity, if Assets are $250 and Liabilities are $200
$450
$50
$250
$200
What does the term 'drawings' refer to
Artwork
Money the company physically takes out of the account
Money the company puts into the account
Capital is classified as
Asset
Liability
Owner's Equity
To see the formulas that have been used in the spreadsheet, click on the
Show formulas button
Show the math button
the auto sum button
What is the item 'Drawings' classified as
Liability
Owner's Equity
Asset
What would be the formula to calculate the total of cells C1 to C4?
=sum(C1:C4)
=average(C1-C4)
=sum(C1-C4)
=total(C1:C4)
'Drawings' is classified as
Liability
Owner's Equity
Asset
If the drawings are 50, and the net profit is 50 and the capital is 100, what is the total amount of OE
100
200
50
150
A loan TO K.Minogue is considered
Asset
Liability
Owner's Equity
If an owner invests $50,000 into the business, this is considered
Liability
Owner's Equity
Asset
