WorksheetsIntro to Accounting Quiz
Total questions: 10
Worksheet time: 7mins
Which of the following versions of the accounting equations is correct?
A + OE = L
A + L = OE
A = L + OE
A = L - OE
Which of the following is not an example of an expense?
Electricity
Wages
Loan from ABC Bank
Salaries
Which of the following is an example of an asset?
Fees earned
Inventories
Motor vehicle maintenance
Capital
The nature of GST Paid is?
(a)
Which is the wrong account involved in the following transaction?
Bought stationary from T Villani for $100 cash.
Cash at Bank
GST Collected
Stationary
When an owner withdraws money from a business the account involved is?
(a)
Liabilities (295,000)
Assets (455,000)
Owner's Equity?
(a)
Owner's Equity (275,500)
Assets (450,000)
Liabilities?
(a)
Which of the following is NOT an objective of accounting?
To ensure accountability
To provide information to interested parties for decision-making
To aid in financial statements
To evaluate the performance of the business
Revenues e.g. sales, have a credit nature as they increase the value of owner's equity, and Expenses e.g. electricity, have a debit nature as they decrease the owner's equity value.
False
True
