grade 8 term 3 acc

Which account does vehicles belong to?

• Asset

• Liability

• Owner's Equity

• Expenses

• Income

Which account does Electricity and water belong to?

• Asset

• Liability

• Owner's Equity

• Expenses

• Income

Which account does Loan belong to?

• Asset

• Liability

• Owner's Equity

• Expenses

• Income

Which account does Rent received belong to?

• Asset

• Liability

• Owner's Equity

• Expenses

• Income

Which account does Capital belong to?

• Asset

• Liability

• Owner's Equity

• Expenses

• Income

An expense is defined as…

• something a business pays for that gets used up in the running of the business

• something the business owns and uses for the running of the business, but doesn’t get used up

• money received by the business

• money or assets the owner contributes to the business

The difference betwteen an asset and an expense is…

• the cost of them

• whether you pay for it or not

• whether or not you can receive money from it when you are finished using it

• the size of them

The owner, Zack, increased his capital by 30% by depositing the money directly into the current bank account. Receipt R201 was issued.

• CRJ

• CPJ

Wages totalling R1 300 was paid.

• CRJ

• CPJ

Money received for services rendered amounted to R2 900.

• CRJ

• CPJ