Grade 8 Economic and Management Sciences Flashcard

Front

What is the first step in the accounting cycle?

Back

Transactions took place

Front

Which document is used to record cash received?

Back

Duplicate receipt

Front

What must be true about the debit and credit columns in a trial balance?

Back

Debit column must equal credit column

Front

What is the effect on the accounting equation when cash is received for services rendered?

Back

Assets increase, Owners' equity increases

Front

Which of the following is an example of a source document?

• Cash register roll
• Trial balance
• General ledger
• Bank statement

Back

Bank statement

Front

If Cullen Clever deposits R160,000 as a capital contribution, what is the effect on the bank account?

Back

It increases by R160,000

Front

What is the purpose of the cash receipts journal?

Back

To record cash transactions

Front

What is the total amount received from J Mazibuko for rent in the example provided?

Back

R6,500

Front

In the trial balance, which section includes 'Wages'?

Back

Nominal accounts section

Front

Effect on accounting equation when a duplicate receipt is issued for rent received?

Back

Assets increase, Owners' equity increases