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WorksheetsEST REVIEW 2022
Total questions: 24
Worksheet time: 12mins
How many financial accounting conventions and principles are there?
5
4
7
6
This principles requires the owner of the business to keep their personal transactions separate from those of the buiness.
accounting entity
historical cost
monetary
materiality
Requires all balance sheet assets to be valued at the origional cost.
historical cost
accounting period
monetary
materiality
The accounting period assumption cannot be longer than...
12 months
3 months
1 month
It is assumed that the business will continue indefinitely.
going concern
accounting entity
historical cost
accounting period
A vehicle purchased for $15,000 five years ago is shown in the Balance Sheet at a cost of $15,000.
going concern
historical cost
accounting period
monetary
Classify all the assets
cash in the till
mortgage
accounts receivable
cash in the bank
car loan
Classify the equity.
furniture
drawings
owners interest in the business
stock/inventory
Classify the item: fixtures and fittings
equity
liability
expenses
assets
Classify the item: cash at bank
assets
equity
liabilities
expenses
income
Classify the item: trade payable
assets
equity
liabilities
expenses
Classify the items: capital
assets
equity
liabilities
expenses
Preparation of trial balance is
complusory
optional
Trial balance can be prepared
at any time of the year
at the end of the year
in the beginning of the year
Trial balance is prepared from
ledger
ledgers and journal
ledger and cash book
none of these
Preparation of trial balance helps in
judging the financial position
locating errors of all types
preparation of final account
none of these
What should I do before next Thursday?
Study for the EST's!!!!!!!
Watch Netflix
Watch Disney+
Watch Stan
Select ALL the expenses
cost of sales
rent
petrol
gst payable
Land is a
liability
asset
income
expense
Fee income is a
income
liability
asset
expense
Petty cash
expense
asset
liability
income
Loan from bank
income
asset
liability
expense
any account which is 'prepaid'
asset
income
liability
expense
True or False. A general ledger contains all assets, liabilities, income, and expenses of a business.
true
false
