WorksheetsBasic Accounting Concepts
Total questions: 13
Worksheet time: 13mins
Is this accounting cycle correct?
Yes
No
Which of the following is not one of the elements of the financial statements?
Assets
Equity
Transactions
Income
An (a) is defined as a present economic resource controlled by the entity as a result of past events.
A current asset is a resource with a life span that is usually longer than a year.
True
False
Which of the following is an example of a non-current asset?
Cash in the bank
Employees
Customer that owes our business money
Office computer
Which of the following is not an expense?
Money owed to suppliers
Salaries
Advertising costs
Payment to the municipality for water and electricity
The following is an example of a current liability:
Commission received
Money owed to SARS
Telephone account paid to Telkom
Mortgage loan
(a) is the net worth of a business.
The equation(s) below represent(s) how the equity in a business is determined:
Equity =
Assets – Liabilities
Assets =
Equity + Liabilities
Liabilities =
Assets – Equity
All of the above
None of the above
Profit is determined by subtracting income from expenses.
True
False
Did you understand the content that was covered during the lesson(s)?
How difficult do you expect this module to be?
What mark do you expect to get for this module?
Less than 30%
30% - 50%
50% - 60%
60% - 70%
More than 70%
