Gr8 EMS | Term1 Lesson2 | Accounting Concepts Part 2

What is a service business?*

• Offers a product for payment.

• Accepts a product as payment.

• Accepts a service as payment

• Offers a service for payment

Which of the following are trading businesses. Choose all that apply.

• plumber

• shoprite

• nike store

• docter

What book or program contains all the accounts of a business?*

• Assets

• Capitec app

• CRJ

• General account holder

• General ledger

Profit is equal to*

• Income

• expenses

• expenses - income

• income + expenses

• income - expenses

Every time money exchanges from business to another party we call it an*

• Debit order

• Proof of payment

• Cheqeu

• Transaction

• Credit card

Non-Current liability needs to be payed back over a period of ___ Choose all that apply.

• 1-3 Months

• 4-5 months

• 1-10 years

• 6-12 months

• 10-20 years

Owners equity can be explained as follows:*

• The amount of money the owner owes the business

• The amount of capital the owner invested in the business

• The amount of products the business owns.

• The amount of debt the owner owes to the bank.

Which of the following Subsidiary journals would you use to record the following transactions.

• CRJ - A customer owes the business money.

• CPJ - A customer owes the business money.

• CJ - Cash received for sales of products.

• CRJ - Stock bought for resale at wholesaler.

• CPJ - Stock bought for resale at wholesaler.

Which of the following Subsidiary journals would you use to record the following transactions.

• CRJ - Cash received for sales of products.

• CPJ - Cash received for sales of products.

• CJ - A customer owes the business money.

• CJ - Stock bought for resale at wholesaler.

What services does a bank provide?*

• Loans, Payment and vouchers

• Payment, vouchers and savings

• savings, loans and payments

• Saving, loans and travel advice.