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Types of accounts

Total questions: 15

Worksheet time: 36mins

Name
Class
Date
1.

1. Select the main purpose of accounting.

a)

Know whether the business earned a profit.

b)

Identify the financial position of the business

c)

Provide useful financial information to stakeholders to make decisions

2.

2. Select all the transactions that can be identified.

a)

Sale of goods for Rs. 15 000 with a discount of Rs. 2500.

b)

Cleaning expenses paid Rs. 1500

c)

Purchase of Furniture on credit from R De Mel worth Rs 50 000

d)

Applying for a bank loan of Rs. 100 000

3.

3. The resources of the business that belong to the owner(s) once liabilities are settled are called

a)

Assets

b)

Liability

c)

Equity

4.

4. Which is NOT a characteristic of Liabilities?

a)

Result of a past transaction

b)

Current obligation to pay an external party

c)

Future inflow of resources into the business

5.

Select the type of resource the following can be classified as:

Capital

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

6.

Select the type of resource the following can be classified as:

Goods

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

7.

Select the type of resource the following can be classified as:

Rent paid

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

8.

Select the type of resource the following can be classified as:

Cash

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

9.

Select the type of resource the following can be classified as:

Bank Loan

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

10.

Select the type of resource the following can be classified as:
Telephone bill of owner

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

11.

Select the type of resource the following can be classified as:
Debtors

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

12.

Select the type of resource the following can be classified as:
Bank loan interest paid

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

13.

Select the type of resource the following can be classified as:
Motor vehicles

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

14.

Select the type of resource the following can be classified as:
Capital

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

15.

Select the type of resource the following can be classified as:
Discount received

a)

Asset

b)

Liability

c)

Equity

d)

Expenses

e)

Income

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