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.
Chapter 3 Accounting Equation
Quiz
•
Business
•
9th Grade
•
Hard
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
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