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WorksheetsAccounting Final exam review quiz
Total questions: 15
Worksheet time: 8mins
Accounting equation - Terry started his business by transferring R206 000 cash into the business .
Debit bank , credit capital
Debit bank , credit capital
Credit Capital, debit bank
Accounting equation - Issued a cheque to Nashua for R420 to pay for cell - phone chargers
Debit bank , credit cell -phone chargers
Debit cell - phone chargers, Debit bank
Debit Cell - phone chargers , Debit bank
True or false
The accounting equation is assets = owner's equity + liabilities
True
False
Accounting equation
Received a loan of R100 000 from JK Loans
Debit Bank credit Loans (creditors control)
Debit loans (creditors control , credit bank
Accounting equation
Bought trading stock for R90 000 on credit from Tony wholesalers
increase liabilities and increase assets
Increase assets , decrease liabilities
Increase assets , increase owner's equity
General Journal select the correct journal narration
Y. Shelley's account of R800 has been overdue for three months . Charge her R39 interest on overdue account.
Charge interest on overdue account
Bad debts written off
Owner took stock for personal use
General Journal select the correct journal entry
Covert Budget stores was informed that N. Phillips had been declared insolvent . Her estate paid 40c in the rand . The balance of her account must be written off
Debit Bad debts
Credit Debtors control
Bad debts written off
Credit Bad debts
Debit Debtors control
Bad debts written off
Debit Bad debts
credit Debtors control
Debtor declared insolvent
General Journal
The photocopier machine was repaired by Cel - Mid Technology at a total cost of R646 . The amount was posted to the equipment account . The error must be corrected
Debit equipment
Credit repairs
Correction of error
Debit repairs
Credit equipment
Bad debts must be written off
Debit repairs
Credit equipment
Correction of error
How can one calculate net salary ?
Gross salary minus total deductions
Net salary plus total deductions
Gross salary plus total deductions
Gross salary multiply total deductions
Accounting equation
Damaged stock returned by a debtor
stock increase , debtors control decreases
Stock decreases , debtors control decreases
General Journal
Owner took merchandise of R 360 for personal use
Debit merchandise
Credit personal use
Owner took goods for personal use
Debit drawings
Credit stock
owner took goods for personal use
Debit personal use
Credit merchandise
owner took goods for personal use
Accounting equation
Restore the petty cash amount
debit assets , debit owner's equity
credit owner's equity debit assets
debit assets , credit assets
UIF is what percentage of gross salary ?
2%
1%
3%
0%
General journal
Merchandise sold to Y. Shelley for R200 was wrongly posted account of Y , Shallow . The error must be corrected
debit Y. Shelley
credit Y. Shallowww
correction of error
credit Y. Shallow
debit Y. Shelley
correction of error
debit Y. Shelley
credit Y. Shallow.
correction of error
Accounting equation
The owner took stationery for his on personal use
increase owners's equity , decrease owners' s equity
Increase assets , increase owners equity
decrease owner`s equity , decrease assets
Increase owner's equity, decrease liabilities
