WorksheetsGRADE 9 EMS REVISION QUIZ
Total questions: 39
Worksheet time: 20mins
State whether the following statement is true or false? The source document in the Debtors Journal is the Duplicate invoice
True
False
State whether the following statement is true or false? The source document in the Cash Receipts Journal the Original receipt
True
False
Credit sales are entered in the …*
DJ
CRJ
Payments received from debtors are entered in the...*
DJ
CRJ
If the Debtors ledger is debited, how are you going to calculate the balance column?
Add to the balance
Subtract to the balance
If the Debtors ledger is credited, how are you going to calculate the balance column?
Add to the balance
Subtract to the balance
A debtor is a ________.
Non-current Asset
Current Asset
Non-current Liability
Current Liability
When goods are sold on credit the transaction will be recorded in the _________.
Cash Payments Journal
Debtors Journal
Creditor Journal
Cash Receipts Journal
The Act is aimed at protecting consumers and producers and creating a fair credit market place in SA.
Credit Sales
Credit Reference
National Credit Act
Cash Sale
An agreement in which a buyer receives something of value now and agrees to repay the seller at a later date.
(a)
The owner rented part of the building to his sister to start a catering business. Receive her first month rental.
Cash Receipts Journal
Debtors Journal
Cash Payments Journal
Creditors Journal
What is the Accounting Equation?
A=L+OE
L=A+OE
A=OE+L
OE=L+A
When a debtor settles his account the transaction should be recorded in the _____.
Cash Receipts Journal
Cash Payments Journal
Creditors Journal
Debtors Journal
What does a customer receive when they have made a payment to your business?
Credit Note
Debit Note
Receipt
Invoice
The source document the customer receives when buying goods on credit is called_____.
Receipt
Payment
Invoice
Credit Note
Which two accounts are affected when an owner deposits R 50 000 into the business account?
Capital
Drawings
Bank
Salary/Wages
The Accounting Equation states that Assets are equal to Owner's Equity?
Plus Liabilities
Minus Liabilities
Plus Incomes
Minus Expenses
An example of an expense is?
Interest on Fixed Deposit
Equipment
Fuel
Mortgage Loan
An example of an income is?
Salaries and Wages
Sales
Fixed Deposit (Investment)
Drawings
An alternative way of expressing the Accounting Equation is?
A + L = OE
OE + A = L
L = OE + A
A - L = OE
The following account would be reflected in the Income Statement?
Interest on Fixed Deposit (Investment)
Creditors
Debtors
Drawings
The following account will be reflected in the Balance Sheet?
Bank Overdraft
Interest on Overdraft
Cost of Sales
Trial Balance
Fill in the missing item from the Accounting Cycle.
1. Transaction 2. Document 3. _______________ 4. Ledger
5. Trial Balance
Journal
Nominal Section
Balance Sheet Section
Income Statement
T-accounts are shown in the?
Cash Receipts Journal
Ledger
Cash Payments Journal
Transaction
The following results in a increase in Owner's Equity:
Drawings
Loan
Bank Overdraft
Rent Income
Accounting is fantastic to learn because:
My teacher is the best!
The classroom is the coolest in the school.
Because it is a useful life skill.
Because it is easy to get high marks in Grade 12.
What type of business receives income by providing a service?
Manufacturing business
Service business
Trading business
Retail business
What is the formula to calculate the selling price in a trading business?
Cost price minus profit margin
Cost price plus profit margin
Cost price divided by profit margin
Cost price multiplied by profit margin
Which of the following is considered an asset in accounting?
Trading stock
Water and electricity
Vehicles
Loan
What does the acronym 'DAL LICK' stand for in accounting principles?
Debit, Assets, Liabilities, Losses, Income, Capital
Drawings, Assets, Liabilities, Losses, Income, Capital
Drawings, Assets, Liabilities, Losses, Income, Capital, Kickbacks
Debit, Assets, Liabilities, Losses, Income, Capital, Kickbacks
What is the cost of sales if the profit markup is 25% and the selling price is 4,000 Rand?
4,200 Rand
3,500 Rand
3,800 Rand
3,200 Rand
What is the selling price if the profit markup is 50% and the cost price is 2,000 Rand?
2,500 Rand
3,500 Rand
2,750 Rand
3,000 Rand
What is the profit markup percentage if a business buys goods for 9,000 Rand and sells them for 13,500 Rand?
25%
30%
40%
50%
Which account increases on the credit side and decreases on the debit side in accounting?
Drawings
Liabilities
Expenses
Income
What is the formula to calculate profit in a trading business?
Selling price minus cost price
Selling price divided by cost price
Cost price minus selling price
Cost price divided by selling price
What is the accounting equation that needs to balance at all times?
Assets = Liabilities - Owner's Equity
Assets - Liabilities = Owner's Equity
Assets + Liabilities = Owner's Equity
Assets = Liabilities + Owner's Equity
What is the formula to calculate the gross profit in a trading business?
Selling price minus cost price
Cost price divided by selling price
Cost price minus selling price
Selling price divided by cost price
What is the difference between net profit and gross profit in accounting?
Net profit includes all expenses, while gross profit only considers direct costs
Gross profit includes all expenses, while net profit only considers direct costs
Net profit is calculated before taxes, while gross profit is calculated after taxes
Gross profit is calculated before taxes, while net profit is calculated after taxes
Which financial statement shows the overall financial position of a business at a specific point in time?
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Retained Earnings
