WorksheetsGrade 8 EMS Quiz 08.08.2025 (TVM)
Total questions: 40
Worksheet time: 20mins
The accounting cycle begins with:
Preparing financial statements
Recording transactions
Closing accounts
Posting to the ledger
Which source document is used when a customer pays cash for a service?
Cash slip
Invoice
Debit note
Cheque counterfoil
In a service business, the main source of income is from:
Selling goods
Interest on savings
Providing services
Buying assets
Which is not a stage in the accounting cycle?
Analyzing transactions
Posting to ledger accounts
Taking stock inventory
Preparing trial balance
The Cash Receipts Journal records:
All money paid out
All credit transactions
All money received
All purchases made
In the CRJ, the folio column:
Records the page number from the general ledger
Shows the total bank balance
Contains details of the transaction
Shows the source document number
The factor of production that refers to human effort is:
Labour
Capital
Land
Entrepreneurship
Capital as a factor of production refers to:
Tools and machinery
Land and buildings
Business profits
Natural resources
Which market is where goods and services are exchanged for money?
Labour market
Goods market
Capital market
Factor market
In the accounting cycle, posting to the ledger comes immediately after:
Preparing source documents
Recording in the journals
Balancing the trial balance
Calculating profit or loss
Which form of ownership is owned by one person?
Close corporation
Partnership
Sole proprietorship
Private company
The main advantage of a partnership is:
Unlimited liability
Shared workload and resources
Difficult decision-making
Higher taxes
A business owned by shareholders is called a:
Public company
Sole trader
Cooperative
Partnership
In the CRJ, the analysis of receipts column is used to:
Summarize daily cash expenses
Record the source document numbers
Categorize different types of income
Show cash received for capital
Which market deals with the buying and selling of labour?
Capital market
Goods market
Labour market
Foreign exchange market
The role of the entrepreneur is to:
Provide raw materials
Take risks and manage the business
Supply labour
Produce goods personally
Non-renewable resources used as capital include:
Wind turbines
Coal-fired power stations
Solar panels
Hydroelectric dams
Which statement is correct about the trial balance?
It shows the financial performance
It lists accounts and their balances
It replaces the income statement
It records daily transactions
An example of a source document for a CRJ entry is:
Invoice issued to customer
Bank deposit slip
Order form
Goods returned note
A private company’s name must end with:
Ltd
Pty Ltd
Inc
CC
The goods market includes:
Only goods produced locally
Only imported goods
Both goods and services bought and sold
Only wholesale goods
Which factor of production is fixed in supply?
Land
Labour
Capital
Entrepreneurship
The first step in the accounting cycle is:
Preparing journals
Recording in the ledger
Identifying transactions from source documents
Preparing trial balance
The accounting equation is:
Income = Assets + Liabilities
Assets = Owner’s Equity + Liabilities
Liabilities = Assets – Income
Owner’s Equity = Assets + Liabilities
The CRJ is summarized and posted to the:
Bank statement
General ledger
Income statement
Balance sheet
Which is an example of land as a factor of production?
A machine
An office building
A wheat farm
A truck
Sole proprietors:
Have limited liability
Are easy to set up
Must have a board of directors
Are owned by two or more people
The capital market deals with:
Goods
Services
Money and investments
Natural resources
Which form of ownership has unlimited liability?
Partnership
Public company
Private company
Close corporation
The main purpose of the accounting cycle is to:
Increase sales
Organize financial information
Pay taxes
Sell goods
A CRJ entry for R5 000 received from a customer will be:
Debit Bank, Credit Service Income
Debit Service Income, Credit Bank
Debit Bank, Credit Debtors Control
Debit Bank, Credit Capital
Which factor of production earns wages?
Land
Labour
Capital
Entrepreneurship
An open market is where:
Only one seller controls the price
Government sets all prices
Buyers and sellers freely trade
Only foreign goods are sold
In the accounting cycle, the final step is:
Preparing journals
Closing the books
Preparing financial statements
Posting to the ledger
A source document for capital contribution is:
Bank deposit slip
Cash slip
Invoice
Cheque counterfoil
The labour market deals with:
Buying goods
Buying machinery
Hiring workers
Selling property
The CRJ records all:
Money received by the business
Money paid by the business
Credit sales only
Cash purchases only
Partnerships share:
Profits and losses
Only profits
Only decision-making
Only liabilities
The entrepreneur’s reward for risk-taking is:
Wages
Rent
Profit
Interest
In the accounting equation, if assets are R50 000 and liabilities are R20 000, owner’s equity is:
R30 000
R70 000
R20 000
R50 000
