Revision - Exam Pre

Which of the following would be classified as "Assets"?

• Motor van, stock, goods

• mortgage, bank loan, creditors

• capital

Which of the following would be classified as a "Liabilities"?

• motor van, stock, goods

• mortgage, bank loan, creditors

• capital

What are the groups of accounts

• Assets, liabilities and capital

• cash, bank, loan

• financial

The owner took goods costing $500 for his personal use. Which accounts would be affected by this transaction?

• Assets and capital

• Liabilities and capital

• Assets and liabilities

The owner settled an amount of $15 000 owed by the business to U. Long from his personal savings. Which accounts would be affected by this transaction?

• Assets and capital

• Liabilities and capital

• Assets and liabilities

List 3 examples of Books of Original Entry

which of the following are source documents

• receipts

• sales invoice

• debit note

• cash book

• journals

Identify two benefits of using technology in accounting.

2% - 7 days. what does this terms and conditions represents?

• 7 days to make payment

• 2% cash discount if payment is made within 7 days

• 2 divided by 7

Identify all that represents an asset.

• loan

• building

• equipment

• debtor

• creditor