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WorksheetsAccounts Q2
Total questions: 15
Worksheet time: 28mins
Motor vehicles, building and machines are considered to be what to a company?
Liabilities
Revenue
Assets
Expenses
The money that is owed to a company by individuals who buy items now and agree to pay later is called ...
(a)
Assets that a company will own and use in the business for more than a year are called
(a)
When an asset increases we _____
Debit
Credit
When a liability increases we ___
Debit
Credit
The money an owner invests in the business is called (a)
When an owner takes money out of the business for his/her personal use it is called
Liabilities
Loans
Drawings
Trade receivables
The accounting equation states that Assets =
Liabilities + Capital
Liabilities - Capital
Liabilities + expenses
Capital + expenses
On September 29th, Mary bought a new motor vehicle from Lifestyle Motors and paid cash. Which two accounts in Mary's books will be affected?
Motor vehicles and bank
Mary and Lifestyle Motors
Lifestyle Motors and Motor Vehicles
Motor Vehicles and cash
When capital increases we ______
Debit
Credit
When our stationary store buys more pencils to resell, what account do we record the purchase of these pencils in?
Inventory
Purchases
Sales
Pencils
We paid Lynne $500 by cheque. Which two accounts will be affected?
Payments and Lynne
Lynne and Bank
Bank and Expenses
Lynne and cash
When we paid Lynne the $500 owed to her by cheque, our bank balance decreased. How would we record that in our accounts?
Debit bank
We will not record it
Credit bank
Credit Lynne
When we received a cheque for the $5000 owed to us by Yasmin Enterprises, how would we record that in our accounts?
Debit Bank
Credit Yasmin Enterprises
Debit Yasmin Enterprises
Credit Bank
Debit Yasmin Enterprises
Credit Cash
Debit Cash
Credit Yasmin Enterprises
Trade payables is a current liability and refers to the money owed to _______ by _____
Credit customers, us
Credit suppliers, us
Us, credit customers
Us, credit suppliers
