WorksheetsIntroduction to Accounts
Total questions: 30
Worksheet time: 48mins
Which one of the following is NOT a reason for the use of accounting in business?
Going on a vacation
Measure of wealth
Assist in decision making
Invest in start-up of a business
All of the following are users of accounting information of a business EXCEPT _______
Owners
Government
Potential Investors
Teachers
A document which shows a business’ financial position at any point in time best describes a ________
Ledger
Income Statement
Balance Sheet
Cash Flow Statement
Debts that do not have to be repaid within one year are referred to as ________
Fixed Assets
Current Liabilities
Current Assets
Long-term Liabilities
People who the business owes for goods taken on credit are called _______
Debtors
Owners
Creditors
Bankers
Which one of the following best represents the accounting equation?
Assets = Liabilities – Capital
Assets = Capital + Liabilities
Capital = Assets + Liabilities
Liabilities = Capital – Assets
All of the following are assets EXCEPT _______
Office Machinery
Capital
Furniture and Fittings
Cash at bank
Which one of the following is a liability?
Debtors
Vehicles
Bank Loan
Buildings
The cost of operating an organization is best described as ______
Income
Debts
Expenses
Liabilities
1. Money earned for a service provided is known as ______
Income
Debt
Expense
Liability
Money earned in excess of what was spent to earn it is called ______
Net Income
Net Expenses
Net Pay
Gross Pay
Money earned for time worked in excess of normal working hours is considered ______
Net Pay
Overtime Pay
Salary
Gross Pay
Extra money received in addition to the salary is known as ______
Commissions
Wages
Salary
Bonus
When payment is received for each item produced, this is known as ______
Commissions
Bonus
Piece-rate Basis
Time-rate Basis
Which type of job is most likely to be paid on a time-rate basis?
Security
Medical Doctor
Secretary
Teacher
A list of employees and the amount of money they are paid refers to ______
Payslip
Time Sheet
Time Card
Payroll Register
Gross pay is also known as ______
net pay
disposable income
total pay
take-home pay
Which one of the following is an example of a mandatory deduction?
Credit union fees
Loan payments
Pension
Income tax
______ is NOT an example of a voluntary deduction.
Union Dues
Sousou
Loan
NIC
Which of the following is NOT an example of a deduction?
Pension
PAYE
NIC
VAT
Krazy Kandy started a business selling candies. Before he starts to trade, he buys a machine
$15 000, equipment $3 500 and stock $4 200. He still owes $1 000 for stock. Max Bank gave him a loan of $2 000. After the above transactions, he has $500 cash at bank.
What is the total value of his assets?
(a)
Krazy Kandy started a business selling candies. Before he starts to trade, he buys a machine
$15 000, equipment $3 500 and stock $4 200. He still owes $1 000 for stock. Max Bank gave him a loan of $2 000. After the above transactions, he has $500 cash at bank.
What is the value of his capital?
(a)
Zoey works for a regular week of 40 hours at $10 per hour. Overtime is paid at time and a half. Last week, Zoey worked a total of 47 hours.
Her deductions are: NIC - 5% of Gross Pay and PAYE - 10% of Gross Pay.
What is the value of her overtime pay?
(a)
Zoey works for a regular week of 40 hours at $10 per hour. Overtime is paid at time and a half. Last week, Zoey worked a total of 47 hours.
Her deductions are: NIC - 5% of Gross Pay and PAYE - 10% of Gross Pay.
What is the value of regular pay?
(a)
Zoey works for a regular week of 40 hours at $10 per hour. Overtime is paid at time and a half. Last week, Zoey worked a total of 47 hours.
Her deductions are: NIC - 5% of Gross Pay and PAYE - 10% of Gross Pay.
What is the value of total deductions?
(a)
Joy works for $24 per regular hour and time and a third per overtime hour. She worked for 6 overtime hours.
What is the overtime rate?
(a)
Joy works for $24 per regular hour and time and a third per overtime hour. She worked for 6 overtime hours.
What is the overtime pay?
(a)
If Assets = $12 000 and Liability = $2 800, then Capital = $8 200.
Is this statement TRUE or FALSE?
TRUE
FALSE
Jilli has the following information in her books: Loan $2 000, Stock $3 500, Creditors $1 000, Bank $4 000, Cash $250 and Fixtures $6 000. What is the value of her Capital?
(a)
Zabs has the following information for his business: Computers $1 700, Security Cameras $2 000, Cash at bank $5 450, Cash in hand $975, Creditors $2 650, Capital $5 470 and a Loan. He cannot remember his loan balance.
What is the value of his loan?
(a)
