Grade 7 EMS Test 2: Accounting Concepts

Netsport

Description

A test that assesses learners' knowledge of accounting concepts and includes: owner's equity, assets, liabilities, the accounting equation, profit and loss.

Sujets

• Littérature Sud-Africaine
• Littérature sud-africaine
• Collège
• Secondary education in France
• collège
• Collège
• Collège
• Post-primaire

Informations

• Publié par: Netsport
• Date de parution: 01 janvier 2022
• Nombre de lectures: 0
• Langue: English

Extrait

b) trading stock d) income

repair the one oven at a cost of R1 056,00 and had to buy a new mixer to the value of R5 480,00. Salaries of R22 450,00 were paid. The Bakery received

Section A:Multiple Choice - Circle the correct answer:

1. A mortgage bond held by a company, is an example of: a) an expense b) a current liability

Accounting Concepts

3. When people or other companies owe the company money it is called: (1) a) creditors control b) debtors control

c) non-current liability d) current asset 4. The motor vehicles sold by a car dealership, are classified as:

(1)

a) non-current/fixed assets c) current liabilities

5. The motor vehicles used by Pizza Den for deliveries, are classified as: (1) a) non-current/fixed assets b) trading stock

b) a financial asset

 R3 500 interest on a fixed deposit. The profit for the period was: a) R32 762 b) R18 582 c) R27 282 d) R23 782

(2)

c) an expense

 available (bank overdraft), it is: a) creditors control

(1)

(1)

d) expensescurrent assets d) 7. The computer screens purchased for employees working at First National Bank,

c) current liabilities d) income 6. The computer screens purchased for resale by Incredible Connection, can be

 can be classified as: a) capital

d) expensescurrent assets d) 8. If more money is drawn from the business account at the bank than is

b) non-current/fixed assets

b) a non-current liability

EMS: Test

(1)

c) debitors control d) a current liability 9. Bab’s Bakery sold bread to the value of R52 768,00 in February. They had to

(1)

c) a non-current liability d) an asset 2. If the business invests money in a fixed deposit, it is:

a) capital c) a fixed asset

(1)

Grade 7

b) non-current/fixed assets

!1

 classified as: a) capital