Accounting Term 1

Accounting Term 1

8th Grade

10 Qs

quiz-placeholder

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Accounting Term 1

Accounting Term 1

Assessment

Quiz

Business

8th Grade

Medium

Created by

Tristan Wiggill

Used 4+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Medical Aid is an example of?

Service

Spending

Product

Receiving

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a long-term liability?

Vehicle purchase

Creditors Control

Mortgage Loan

Fixed Deposit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an expense?

Water & electricity

Salaries

Donations

Equipment

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business owns assets to the value of R550 000 and has liabilities of R95 000. What is the Owner's Equity of the business?

R455 000

R645 000

R550 0000

R645 500

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Received a cheque from Mr McCartney for R 2 700 for the rent of a part of the offices for March. Select the correct debit and credit:

Debit: Rent expense

Credit: Bank

Debit: Bank

Credit: Rent Income

Debit: Rent Income

Credit: Bank

Debit: Bank

Credit: Rent expense

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owner and the business are seen to be separate.

Profit/loss

Owner's Equity

Entity Rule

Capital contribution

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These can be converted to cash easily and quickly

Debtors Control

Financial Assets

Current Assets

Fixed Assets

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