Chapter 3 Accounting Equation

Chapter 3 Accounting Equation

9th Grade

6 Qs

quiz-placeholder

Similar activities

Break-Even Quiz

Break-Even Quiz

9th Grade

10 Qs

Lineare Abschreibung

Lineare Abschreibung

9th - 12th Grade

7 Qs

1.3 Calculation practice

1.3 Calculation practice

9th - 10th Grade

10 Qs

Market Equilibrium and disequilibrium

Market Equilibrium and disequilibrium

9th - 11th Grade

11 Qs

Quiz: Compounding and Simple Interest

Quiz: Compounding and Simple Interest

9th - 12th Grade

10 Qs

Tarifas de IVA

Tarifas de IVA

1st - 12th Grade

10 Qs

FE1 - Övningsuppgifter i bokföring inkl moms

FE1 - Övningsuppgifter i bokföring inkl moms

5th Grade - University

10 Qs

Number Crunch Maths in Business Studies 04-02-22

Number Crunch Maths in Business Studies 04-02-22

6th - 9th Grade

10 Qs

Chapter 3 Accounting Equation

Chapter 3 Accounting Equation

Assessment

Quiz

Business

9th Grade

Hard

Created by

Si Ong

Used 7+ times

FREE Resource

6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 2 pts

Alex the owner, contributed $12,000 cash and $4,000 office equipment into the business. Total expenses incurred was $5,600 and total income earned was $9,800.

Calculate the equity at the end of the year.

$31,400

$15,400

$11,800

$4,200

2.

MULTIPLE SELECT QUESTION

10 sec • 2 pts

The business took a loan of $50,000 to purchase a motor vehicle costing $18,400 and goods costing $23,000. The remainder was banked in.

Select all possible effects on the accounting elements.

Assets increased by $41,400

Liabilities increased by $50,000

Liabilities decreased by $50,000

Equity decreased by $50,000

No effect on Equity

3.

MULTIPLE CHOICE QUESTION

10 sec • 2 pts

Capital at 1 April 2020 was $11,900. Sales revenue for the year was $43,000. Cost of sales totalled $25,600. Other operating expenses amounted to $7,000.

Calculate the equity at 31 March 2021.

$87,500

$73,500

$22,300

$1,500

4.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

On 31 May 2023, Adeline's business had the following: cash at bank $15,000, inventory $6,200, trade payables $3,800. The business had taken a loan, and the capital at 31 May 2023 was $3,400.

Calculate the bank loan.

$1,600

$14,000

$21,600

$28,400

5.

MULTIPLE CHOICE QUESTION

20 sec • 3 pts

On 30 June 2023, Sarah's business had the following: inventory $9,400, trade receivables $8,600, and motor vehicles $1,000. The business had taken a loan of $20,000, and the capital at 30 June 2023 was $3,800.

Calculate the cash at bank balance.

Cash at bank $4,800

Cash at bank $6,800

Overdraft

$800

Overdraft

$1,800

6.

MULTIPLE SELECT QUESTION

10 sec • 2 pts

On 31 March 2023, Syafiq's business had the following: trade receivables $5,900, furniture $4,200, trade payables $6,600, and bank overdraft $300.

Which of the following is true?

Total Assets

$5,900

Total Assets

$10,100

Total Assets

$10,400

Total Liabilities

$6,600

Total Liabilities

$6,900