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Worksheetsbusiness basics
Total questions: 30
Worksheet time: 19mins
accounting is
government aided institutions and agencies
the process by which certain methods and procedures are classified analyze and summarize
the process of collecting data for future endeavors
to invest in a business and give financial advise
which of the following are purpose of accounting
provide financial information and control of a business
provide goods and services to the general public
ascertain the profit and loss of a business
ascertain the value of assets and liabilities of a business
Which of the following is not an internal users of accounting
managers
general public
owners
supervisors
which of the following is not an external user of accounting
Government agencies
The press/media
Board of Directors
Labour Unions
Anything that the business owns are
Capital
Assets
creditors
Liabilities
Anything that the business owes for
Accounts receivable
Capital
Liabilities
Stock
money and other assets used by the owner to start the business.
Debtors
Assets
Liabilities
Capital
A statement showing the assets, capital and liabilities of a business is called
Cash book
Balance Sheet
Bank overdraft
Loan book
a sum of money or other assets that a person lends to another with the condition that it will be repaid or returned at a later date.
Account payable
Bank overdraft
Loan
Account receivable
Occurs when the bank allows you to withdraw more money than what you have in your bank account
Assets
Capital
Loan
Bank overdraft
The person to whom the business owes money. (The lender)
Bank
Cash
Creditors
Debtors
The persons who owes the business money. (The borrower)
Debtors
Creditors
The lending agencies
Loan
This is money (notes and coins used to make payments for goods and services
Bank drafts
Cheque
Bank
Cash
These cards allow purchases to be made even if a customer does not have enough deposit in the bank account
Debit cards
Cash
Credit cards
Bank deposits
A written instruction to a bank to transfer a certain sum of money to the payee (person whose name is written
Money transfer
Debit cards
Cheque
Credit cards
These are cards issued by banks to customers to allow them to make easy payments for goods and services. it can also be used transfer money to bank account.
Credit cards
Debit cards
Cheque
Barter
Which is not an example of an Asset
Cash in hand
Cash at bank
Stock of goods
Accounts payable
Which is not an example of a liabilities
Loan
Fixtures and fittings
Accounts payable
Bank overdraft
Assets = (a) + Capital
Liabilities = Assets - (a)
Assets - Liabilities = (a)
Assets Capital Liabilities
(a) 10250 6932
Assets Capital Liabilities
19528 14977 (a)
Assets Capital Liabilities
80000 (a) 35000
Jones position on October 31 2009 was as follows: Assets $9650 and liabilities $500. What was his capital?
9650
9000
9150
9550
Green position on September 30 2001 was as follows: Assets 40000 and Capital 21000. Calculate his Liabilities
18000
61000
16000
19000
T boo position on May 31 1986 : Capital $54000 and Liabilities $12000. Calculate his Assets
42000
65000
66000
41000
Another name for stock is
Product
money
Inventory
Cash at bank
Another name for Creditor is
Accounts receivable
Stock of goods
Sales
Account payable
Another name for Account receivable
Debtors
Creditors
John Brown
Mary Loo
