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WorksheetsAccounting Equation
Total questions: 19
Worksheet time: 19mins
Which one from the list below doesn't represent the Accounting equation?
A = OE + L
A - L = OE
A - OE = L
OE = A + L
How will you calculate profit?
Income - Expenses
Income + Expenses
Income x Expenses
Capital - Expenses
Which word in a transaction won't define the transaction to be a drawing?
Private
Capital
Owner
Personal
Profit is the amount of money left over after all expensenses have been paid.
True
False
Assets can be seen as
Possessions that are used to run a business.
Expenses for the business
Items the business received from the owner
How many account groups will affect owners equity?
1
2
3
4
The full formula to calculate owners equity is, Capital + Income - Expenses - Drawings
True
Fales
When the business receives a loan of R10 000 what will happen to bank?
No effect on bank
Bank will increase
Bank will decrease
What will happen to liabilities when a business takes out a loan?
Loans will increase
No effect
Loans will decrease
When the owner contributes capital in the form of a direct EFT, Capital and which other account will be affected and how?
Bank will increase
Bank will decrease
Capital will increase
Capital will decrease
Debtors control is an asset?
True
False
Creditors control is an asset?
True
False
EFT stands for?
Electronic fund transaction
Electronic fund transfer
Easy Fund transfer
When a business sells goods how many accounts will be affected?
1
2
3
4
What is the current VAT rate in South Africa?
15%
14%
10%
42%
REM: Define what a sole trader is
A business whose name ends in Pty [Ltd].
A business with more than 1 owner.
A business with one owner who takes full responsibility.
A business with a large number shareholders.
ANA: Differentiate between credit sales and credit purchases.
Credit sales= selling on credit & Credit purchases= buying on credit
Credit sales= buying on credit & Credit purchases = selling on credit
Credit sales= selling for cash & Credit purchases= buying with cash
All of the above
Identify liabilities account
Account Receivable
Account Payable
Capital
Loan
Revenue
