EMS Baseline Quiz

Which of the following are assets?

• Stationery

• Land and buildings

• Equipment

• Petty cash

Which of the following causes owner's equity to increase?

• Rent expenses

• Rent income

• Commission income

• The purchase of new office equipment.

Select all the expenses from below.

• Telephone account

• Stationary

• Wages

• Bank

• Creditors' control

Donations made to a children's home are an expense.

• True

• False

• Companies shouldn't be making donations with company funds

Drawings _______ Owner's Equity.

• increase

• decrease

• do not affect

Debtors' control is _________ .

• an expense

• a liability

• an asset

• a liability

Which of the following is a liability?

• Bank overdraft

• Petty cash

• Bank

• None of the above

Consumable stores is ...

• an asset

• a liability

• an expense

• drawings

Which of the following cause an increase in Owner's Equity?

• Sales

• Cost of Sales

• Cleaning Materials

• Mortgage loan

Which of the following cause a decrease in Owner's Equity?

• Salaries

• Water and electricity

• Depreciation

• Advertising