WorksheetsAccounting - Ch 8 & 9
Total questions: 6
Worksheet time: 6mins
Name
Class
Date
1.
What was Dwayne’s capital after this transaction?
a)
$62,500
b)
$67,450
c)
$70,000
d)
$77,450
2.
A trader took cash from the business for personal use.
What effect would this have on the financial statements?
a)
Current Assets
decrease
Profit for the year
increase
b)
Current Assets
decrease
Profit for the year
no effect
c)
Current Assets
increase
Profit for the year
decrease
d)
Current Assets
increase
Profit for the year
decrease
3.
A trader repaid a long-term loan of $10 000. She used all the money in the business bank
account, $7 000, and paid the balance from her personal bank account.
How did this affect the statement of financial position?
a)
A
b)
B
c)
C
d)
D
4.
How is the cost of sales calculated?
a)
A
b)
B
c)
C
d)
D
5.
What was Rashid’s gross profit?
a)
$22,800
b)
$24,650
c)
$26,450
d)
$27,600
6.
What was the effect of this error?
a)
A
b)
B
c)
C
d)
D
100 %
