WorksheetsC14: Equities (Part 1)
Total questions: 15
Worksheet time: 5mins
Which of the following form of business is subjected to the most regulations from government?
Sole-proprietorship
Limited liability partnership
Private limited company
Which of the following form of business has the least access to fund?
Sole-proprietorship
Limited liability partnership
Private limited company
Which of the following form of business allows for a minimum of 2 owners?
Sole-proprietorship
Limited liability partnership
Private limited company
Which of the following form of business will require the owner to pay for the business' losses and debts is the business is incapable of paying off?
Sole-proprietorship
Limited liability partnership
Private limited company
Which of the following form of business will offer the owner the highest level of control over his/her business?
Sole-proprietorship
Limited liability partnership
Private limited company
Which of the following form of business is the easiest for transfer of ownership?
Sole-proprietorship
Limited liability partnership
Private limited company
Interpret the following journal entry:
Dr Capital
Cr Drawings
Assets of business being withdrawn by owner for personal use
New Capital invested by owner into the business
Closing of Drawings account to Capital
Closing of income summary to Capital Account
Interpret the following journal entry:
Dr Assets
Cr Capital
Assets of business being withdrawn by owner for personal use
New Capital invested by owner into the business
Closing of Drawings account to Capital
Closing of income summary to Capital Account
Interpret the following journal entry:
Dr Drawings
Cr Assets
Assets of business being withdrawn by owner for personal use
New Capital invested by owner into the business
Closing of Drawings account to Capital
Closing of income summary to Capital Account
The following is the closing of income summary to capital account. Is the business making a profit or loss?
Dr Capital
Cr Income summary
Profit
Loss
In the Statement of financial position of a Private Limited Company, the Section of Owner's Equity is renamed as (a) Equity.
The Shareholders' Equity section in the Statement of financial position of a Private limited company consists of (1) Share Capital and (2) (a) earnings
In a private limited company, new share capital is added to :
Share capital
Retained earnings
In a private limited company, profit for the year is added to :
Share capital
Retained earnings
In a private limited company, dividends is subtracted from:
Share capital
Retained earnings
