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WorksheetsGrade 9 Final Accounting Terminology Quiz
Total questions: 20
Worksheet time: 19mins
An amount that the enterprise owes another enterprise ...
Asset
Liability
Expense
Drawings
Each transaction that takes place must be recorded on a __________
Ledger
Source Document
Bank Statement
Transaction
Identify which of the following TWO are current assets:
Trading Debtors
Land
Equipment
Cash Float
Identify which of the two accounts are current liabilities:
Loans
Bank Overdraft
Trading Creditors
Mortgage on property
Owner's Equity =
Capital - Drawings + Net Profit
Capital + Drawings - Net Profit
Net Profit - Capital - Drawings
Net Profit + Capital + Drawings
The cost price of the trading stock already sold.
Gross Profit
Sales
Cost of Sales
Profit Mark- up
THE PRICE AT WHICH GOODS ARE SOLD TO CUSTOMERS
THE COST PRICE
THE GROSS PROFIT
THE SELLING PRICE
GROSS PROFIT IS EQUAL TO:
Selling Price + Cost Price
Selling Price - Cost Price
Selling Price - Gross Profit
Selling Price - Cost Price - Gross Profit
A current asset is an asset with a relatively long life span, bought to use in the business over a long period and not used for resale purposes.
TRUE
FALSE
When making entries in the general ledger, for every debit there must be an equal and corresponding debit. What rule does this abide by.
the business entity rule
the principle of double entry
the accounting equation
the balance sheet rule
Roger Lee sells cell phone accessories. He bought 20 cell phones and paid R1200 each. He also paid R1200 total transport fees to get the cell phones delivered to him. Calculate the total cost of the purchase.
R24 000
R26 000
R25 500
R25200
Selling Price (SP) = R780
Cost Price (CP)= R600
Calculate the Mark up %
33.33333%
50%
30%
100%
The cost price of a good is R890.
The % mark up on cost is 50%.
Calculate the selling price.
R1300
R1335
R1780
R890
The gross profit of an item was R909. The % mark up on cost is 75%. Calculate the Cost Price of the good.
R1200
R1250
R1212
R1210
Kerry Lund uses a secret price code for her business.
RIVERRAPID (R being 1 and D being 0)
1,2,3,4,5,6,7,8,9,0
Determine the Cost Price of an item with the code IED/AD (a)
ReAuto Computers bought 200 computers from a International French company for R7500 each. The total import costs came to R9000. The total transport and carriage costs came to R8000. Calculate the total cost of the purchase:
(200 x R7500 x R8000 x R9000)
(200 x R7500) + R8000 + R9000
(200 + R7500 + R8000+ R9000)
(200 x R7500)
ReAuto Computers bought 200 computers from a International French company for R7500 each. The total import costs came to R9000. The total transport and carriage costs came to R8000. If the total cost of the purchase = R1517000, what would the cost price be per computer.
R7500
R7585
R24500
R7000
ReAuto Computers bought 200 computers from a International French company for R7500 each. The total import costs came to R9000. The total transport and carriage costs came to R8000. If the total cost price of one computer is R7585, and the business uses a percentage mark up on cost of R120% Calculate the selling price of one computer.
R7585 x (120/220)
R7585 x (220/120)
R7585 x (220/100)
R7585 x (220/220)
ReAuto Computers bought 200 computers from a International French company for R7500 each. The total import costs came to R9000. The total transport and carriage costs came to R8000. If the cost price per computer is R7585, calculate the cost of sales amount if 80 computers were sold.
R600000
R606800
R1517000
R1334960
Land and Buildings = R100 000
Vehicles = R80 000
Capital = R70 000
Drawings = R20 000
Net Profit = R120 000
Calculate the total liabilities using A = OE + L
12 000
10 000
20 000
200 000
