Worksheetsgrade 8 term 3 acc
Total questions: 30
Worksheet time: 16mins
Which account does vehicles belong to?
Asset
Liability
Owner's Equity
Expenses
Income
Which account does Electricity and water belong to?
Asset
Liability
Owner's Equity
Expenses
Income
Which account does Loan belong to?
Asset
Liability
Owner's Equity
Expenses
Income
Which account does Rent received belong to?
Asset
Liability
Owner's Equity
Expenses
Income
Which account does Capital belong to?
Asset
Liability
Owner's Equity
Expenses
Income
An expense is defined as…
something a business pays for that gets used up in the running of the business
something the business owns and uses for the running of the business, but doesn’t get used up
money received by the business
money or assets the owner contributes to the business
The difference betwteen an asset and an expense is…
the cost of them
whether you pay for it or not
whether or not you can receive money from it when you are finished using it
the size of them
The owner, Zack, increased his capital by 30% by depositing the money directly into the current bank account. Receipt R201 was issued.
CRJ
CPJ
Wages totalling R1 300 was paid.
CRJ
CPJ
Money received for services rendered amounted to R2 900.
CRJ
CPJ
Money transfered to the owners personal account to use for groceries at home.
CRJ
CPJ
The owner Zack increased his capital with R65 000 and the cash was transferred directly into the business bank account.
CRJ
CPJ
Paid R1 000 for office rent for the month of October.
CRJ
CPJ
Paid R1 500 for advertising expenses for the month of November.
CRJ
CPJ
Cash was withdrawn for purchasing new office furniture.
CRJ
CPJ
Planning, recording, analyzing, and interpreting financial information is called
organizing.
accounting.
profiting.
formatting.
A business owned by one person is called a
proprietorship
corporation
partnership
common-law business
Anything of value that is owned is called a(n)
expense
asset
liability
possession
The amount remaining after the value of all liabilities is subtracted from the value of all assets is called
profit
loss
owner's equity
account balance
Each part of the accounting equation consists of one or more accounts
True
False
Which of the following is not a transaction that will affect owner's equity?
paid cash for supplies
received cash from sales
sold services on account
received cash from owner as an investment
Which one from the list below doesn't represent the Accounting equation?
A = OE + L
A - L = OE
A - OE = L
OE = A + L
Profit is the amount of money left over after all expensenses have been paid.
True
False
How many account groups will affect owners equity?
1
2
3
4
When the owner contributes capital in the form of a direct EFT, Capital and which other account will be affected and how?
Bank will increase
Bank will decrease
Capital will increase
Capital will decrease
EFT stands for?
Electronic fund transaction
Electronic fund transfer
Easy Fund transfer
