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WorksheetsRevision of basic (Part 1)
Total questions: 21
Worksheet time: 7mins
Revenue refers to amount earned by business through its secondary business activities by providing goods and/or services to customers.
True
False
The amount earned by business from provison of goods via its main business activity is known as ___________.
Sales revenue
Service fee revenue
Other income
What is the rule on Other income?
(+/-)
(-/+)
A neighbourhood hair salon rented out its excess space in front of its shop to a durain seller. How should the rental income earned be classified?
Sales revenue
Service fee revenue
Other income - Rental income
Cost of sales is an expense.
True
False
What is the rule on Expenses?
(+/-)
(-/+)
There is an item "Rental" in your Trial balance and it is $5000 Cr.
Is it a rental income or rental expense?
Rental income
Rental expense
A trade receivable, John, owes the business $500 and its due on 1 Oct 2022. He paid up on 1 Sept 2022 and was given a discount of $50 by the business. Is the $50 discount a DISCOUNT RECEIVED or DISCOUNT ALLOWED?
Discount received
Discount allowed
What is the rule of Discount received?
(+/-)
(-/+)
What is the rule of Sales returns?
(+/-)
(-/+)
Expense payable classified under _____________.
Revene/ Income
Expenses
Owner's Equity
Non-current liabilities
Current liabilities
Which of the following is true for Fixtures and Fittings
Non- current asset
(+/-)
Non- current asset
(-/+)
Current asset
(+/-)
Current asset
(-/+)
Non-current assets refer to resources owned/ controlled by the business that are expected to provide future benefits within one year.
True
False
Bank overdraft refers to the amount of cash currently deposited with the business's bank account.
True
False
Prepaid expenses refer to expenses that are paid but not yet (a) by the business.
Income receivables refer to income that are (a) but not yet received by the business.
Loss for the year is added to the equity at the end of the financial year.
True
False
Drawings refers to the business resources taken out by the owner during the year for his/ her (a) use.
What is the rule of capital?
(+/-)
(-/+)
Which of the following are bank loans that is due within one financial year classified under?
Non-current
assets
Current
Assets
Owner's
equity
Long-term
liabilities
Current
liabilities
What is the rule on trade payables?
(+/-)
(-/+)
