WorksheetsRevision - Exam Pre
Total questions: 16
Worksheet time: 15mins
Which of the following would be classified as "Assets"?
Motor van, stock, goods
mortgage, bank loan, creditors
capital
Which of the following would be classified as a "Liabilities"?
motor van, stock, goods
mortgage, bank loan, creditors
capital
What are the groups of accounts
Assets, liabilities and capital
cash, bank, loan
financial
The owner took goods costing $500 for his personal use. Which accounts would be affected by this transaction?
Assets and capital
Liabilities and capital
Assets and liabilities
The owner settled an amount of $15 000 owed by the business to U. Long from his personal savings. Which accounts would be affected by this transaction?
Assets and capital
Liabilities and capital
Assets and liabilities
List 3 examples of Books of Original Entry
(a)
which of the following are source documents
receipts
sales invoice
debit note
cash book
journals
Identify two benefits of using technology in accounting.
(a)
2% - 7 days. what does this terms and conditions represents?
7 days to make payment
2% cash discount if payment is made within 7 days
2 divided by 7
Identify all that represents an asset.
loan
building
equipment
debtor
creditor
Select all that represents liabilities.
building
stock
loan
creditor
rent
Identify 5 types of Journals
(a)
This journal is used to record goods returned by customers to the business
sales journal
purchases journal
return inwards journal
return outwards
This journal is used to record goods returned by the business to its suppliers
sales journal
purchases journal
return inwards journal
return outwards journal
This journal is used to record credit purchases made by the business.
sales journal
purchases journal
return inwards journal
return outwards journal
This journal is used to record credit sales made by the business.
sales journal
purchases journal
return inwards journal
return outwards journal
