What is the accounting equation?

23.10.18 Bookkeeping Recap

Quiz
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Business
•
Professional Development
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Medium
Used 3+ times
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets + liabilities = capital
Assets - liabilities = capital
Assets + capital = liabilities
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The imprest system is where the petty cash tin is topped up whenever it gets low, regardless of the date.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A decrease in an asset account is a credit
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A liability is represented by what balance?
Debit
Credit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the statement of profit or loss equation?
Income - Expense = Profit
Income plus expense = profit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you increase your bank loan by £5,000 is it a debit or a credit?
Debit
Credit
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What would be included within the receivables ledger?
Sales
Receivables ledger control
T Limited (Trade receivable)
A Smith (Trade payable)
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