WorksheetsThe Accounting Equation
Total questions: 20
Worksheet time: 11mins
Select all the terms that can be used for "capital".
Assets
Owner's Equity
Net Worth
Liabilities
The name given to the sequence of events and processes that are used to develop the financial records of a business:
Paper work
Financial Records
The Accounting Cycle
The Accounting Equation
Select all the options that ARE part of the Accounting Cycle.
Tallying
Source Document
Journals
Ledgers
Trial Balance
The image attached shows the:
Accounting Equation
Balance Sheet
Accounting Cycle
Book-keeping
Complete the following: Assets - ________ = Owner's Equity
Accounts Receivable
Accounts Payables
Capital
Liabilities
The Balance Sheet is also called:
The accounting cycle
The accounting equation
The Financials
The Statement of Financial Position
When heading up the Statement of Financial Position the date for example July 30, 2023, would be written in what format?
As at July 30, 2023
For the period ending July 30, 2023
For the year ended July 30, 2023
The format does not matter
For every business activity/transaction, there must be a debit and a credit entry This is referred to as:
Book-keeping
Balancing Entry
Double Entry
Single Entry
Resources owned by the firm:
Assets
Liabilities
Owner's Equity
Cash
What the business owes.
Assets
Liabilities
Owner's Equity
Cash
Money owed to the business
Accounts Payable
Liabilities
Owner's Equity
Accounts Receivable
Vehicle, Factory Premises and Cash at Bank:
Assets
Liabilities
Owner's Equity
None
Bank Loan, Loan from friend, Accounts Payables:
Assets
Liabilities
Owner's Equity
None
Bank overdraft:
Assets
Liabilities
Owner's Equity
None
Assets = $40,000
Capital = $35,000
Calculate Liabilities: _________
$75,000
$5,000
0
$40,000
Assets = $100,000
Liabilities = $65,000
Calculate Capital: _________
$25,000
$35,000
0
$65,000
The attached balance sheet is shown:
Horizontally
Vertically
Landscape View
Portrail View
Assets which are expected to be kept for at least a few years
Current Assets
Non-Current Assets
Current-Liabilities
Non-Current Liabilities
Liabilities that have to be paid within the near future
Current Assets
Non-Current Assets
Current-Liabilities
Non-Current Liabilities
Inventory, Cash in Bank and Cash on Hand
Current Assets
Non-Current Assets
Current-Liabilities
Non-Current Liabilities
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