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WorksheetsGr 8 Accounting Revision Quiz
Total questions: 25
Worksheet time: 17mins
Which one of the following accounts will be classified a current asset?
Equipment
Bank overdraft
Stationery
Petty cash
A business had expenses of R20 000 and income of R45 000. The business made a ....
Profit of R25 000
Loss of R25 000
Profit of R45 000
Loss of R20 000
The business has assets valued at R200 000 and liabilities of R150 000. Owner's equity equals...
R350 000
R50 000
R150 000
R200 000
Which one of the following represents the Accounting Equation?
Assets + Liabilities = Owner's Equity
Assets + Owner's Equity = Liabilities
Assets - Liabilities = Owner's Equity
Assets = Owner's Equity - Liabilities
The following is an example of a non-current liability:
bank overdraft
short-term loan
mortgage loan
credit card
A business made a loss of R20 000. Income amounted to R80 000. Therefore expenses were...
R60 000
R120 000
R100 000
R80 000
The following is an example of an expense:
equipment
business license
interest on current account
drawings
The following is a source document that you will only find in the CRJ:
bank statement
cheque counterfoil
duplicate receipt
proof of payment
If a car dealership buys a delivery van with the intention to sell it at a profit, the delivery van will be classified as:
vehicles
equipment
trading stock
consumable stores
A business has R400 000 worth of land and buildings; R30 000 in the bank; R500 in petty cash and R50 000 worth of equipment. Their non-current assets equals...
R50 500
R480 500
R480 000
R450 000
The following is an example of an expense:
Wages
Material costs
Refreshments
All of the above
The double entry principle means that for every debit there is a
(a)
Non-current liabilities that has to be repaid over a period of more than
(a)
The following would be a user of the accounting information of a business:
Prospective investors
Owner
Creditors
All of the above
SARS is the abbreviation for the...
(a)
The following represents different forms of ownership:
Sole trader
Partnership
Bank
Company
The following is an example of a non-current asset:
Stationery
Trading stock
Equipment
Refreshments
When a business pays for its rental- the Bank account will be credited. The contra account will be
rent
rent income
none of these
rental
The following is no longer accepted as a method of payment in South Africa:
Debit cards
Credit cards
Cheques
EFT
If an amount was deposited directly into the bank account of the business, this amount will first go to the Analysis of Receipts column in the CRJ. True or false?
(a)
A business buys stationery with a marked price of R3500. At the till they receive a 5%. How much do they pay for the stationery?
R3500,50
R3675
R175
R3325
The weekly wages of a business are R4000. They decide to give all wage workers a 6% increase. What would the total weekly wages be after this increase?
R4240
R3760
R4000,06
R240
A business buys equipment and pays for it via EFT. The accounts debit/credit are as follows:
Debit: equipment; Credit: stationery
Debit: bank; Credit: equipment
Debit: equipment; Credit: bank
Debit: equipment; Debit: bank
The money kept in the cash register of the business to use as change is called (a)
Money kept - normally in a small steel box - for small payments is called...
(a)
