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WorksheetsIntroduction to Accounting as a system
Total questions: 13
Worksheet time: 9mins
Which of the following is the correct definition for the term transactions?
A list of items in a business
A summary of activities in a business
People who operate a business
A program used by the business.
John owes Sally $500. John is Sally's _____________.
Business partner
Accountant
Debtor
Creditor
The third stage of the accounting cycle is _____________.
Double Entry
Source documents
Trial Balance
Income Statement
Another name of the Balance Sheet is ____________________.
Income Statement
Journal
Statement of Financial Position
Trading and Profit and Loss Account
All of the following are examples of Assets EXCEPT
Cash at the Bank
Cash in Hand
Building
Creditors
If Assets amounts to $1 500 and Liabilities amounts to $600, what is the amount for Capital?
$800
$850
$900
$2 100
If Capital amounts to $2 550 and Liabilities amounts to $400, what is the amount for Assets?
$2950
$2150
$2800
$3050
All of the following are Books of Original Entry EXCEPT
Cash receipt
General Journal
Petty Cashbook
Purchases Daybook
All of the following are Source Documents EXCEPT
Petty Cashbook Voucher
Cheque
Credit Note
Returns Journal
The fifth Stage of the Accounting Cycle
Balance Sheet
Source Documents
Income Statement
Double Entry
Which stage in the accounting cycle is used to check arithmetic?
Fourth Stage
Third Stage
First Stage
Second Stage
Mary has some snacks; she intends to use the snacks to start her business operation as Mary's Snack shop. Which accounting equation fits Mary's business?
Assets = Liabilities
Assets = Capital + Liabilities
Assets = Capital
Liabilities = Assets
Bernard plans to start a business. The cost to start the business is $5 000. He has $2 600 to invest, how much money does he need to borrow to start the business?
$7 600
$2 400
$2 500
$2 600
