Accounting Equtation Quiz

Overdraft is an

• Assets

• Liabilities

• Owner's Equity

PLC sole trader purchased premises for £10,000 cash. (Select Two)

• Increase in Assets (Cash)

• Decrease in Assets (Cash)

• Increase in Assets (Premises)

• Decrease in Assets (Premises)

• Increase in Equity

  (Capital)

ABC purchased supplies on account. (Select Two)

• Increase Assets (Supplies)

• Decrease Equity

  (Expenses)

• Decrease Assets (Cash)

• Increase Liabilities (Payables)

PLC collected cash from customers for services provided. (Select Two)

• Increase Equity

  (Revenue)

• Increase Liabilities (Payables)

• Increase Assets (Cash)

• Decrease Assets

  (Cash)

PLC sent invoices to customers for services provided. (Select Two)

• Increase Equity

  (Revenue)

• Increase Liabilities (Payables)

• Increase Assets (Cash)

• Increase Assets

  (Trade Receivables)

Plc received a utility bill for 200 pounds and an energy bill for 300 pounds. (Select Two)

• Increase Assets (Buildings)

• Increase Equity (Expenses)

• Decrease Equity (Expenses)

• Increase Liabilities (Payable Expenses)

The Plc owner invested 10,000 cash in the business. (Select Two)

• Increase Assets (Cash)

• Increase Equity (Expenses)

• Increase Equity (Revenue)

• Increase Equity (Capital)

The Plc owner withdrew 1000 cash for personal use. (Select Two)

• Increase in Equity

  (Expenses)

• Decrease in Equity

  (Cash)

• Decrease in Equity

  (Drawings)

• Decrease in Assets

  (Cash)