WorksheetsAccounting 1
Total questions: 10
Worksheet time: 8mins
The effect of purchase an assets by cash in the accounting equation
Increase in Account payable
Increase in capital
Increase in cash
Decrease in cash
I am part of current asset I mean the stock the company have to sale it to the customers
(a)
If the company perform services on credit then,
Dr. Revenue
Cr. Cash
Dr. Cash
Cr.Account payable
Dr. Account receivables
Cr. Revenue
If the company paid rent, which account will be in credit
(a)
The second step in the accounting cycle
Make journal entries
Ledger account
Trial balance
Financial statements
Which of the following consider as non current assets ( you can choose more than one)
Car
Land
Furniture
Supplies
Started business with cash will have effect:
Decrease cash and capital
Increase cash and capital
Increase cash and drawings
Decrease cash and account receivable
Which of the following is non current liability
Land
Building
Bank loan
Bank overdraft
Withdraw cash for personal use, we put in debit side
(a)
Main accounting equation =
Asset=liability-owner equity
Assets=liability+owner equity
Assets=liability+capital
Liability=assets+capital
