EMS GRADE 08 FINANCIAL LITERACY QUIZ

The debt of the business

• Assets

• Loss

• Profit

• Liabilities

The correct accounting equation is

• OE+A=L

• L=OE-A

• A=OE+L

• L+A=OE

EFT stands for

Money that the owner invests in a business is known as?

• Capital

• Income

• Transaction

• Profit

The left hand side of a T-account in a general ledger is known as the .... side?

• Balance

• Debit

• Credit

• Analysis of receipt

CRR stands for

First record of every transaction

• Source document

• Current income

• Deposit

• Capital

A source document you get when you deposit the money is called?

Document produced by the Till as proof of cash sale

The cost of running a business on a daily basis

• Expenses

• Profit

• Loss

• Income