Grade 7 EMS Test: Accounting Equation And Cash Receipts Journal

Netsport

Description

A test that assesses learners' knowledge of the accounting equation, assets, liabilities, owner's equity and cash receipts journal.

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

C

trading stock

OE = A - L

non-current assets

OE and L

D

C

current assets

C

Owner’s Equity

C

D

to the value of R25 000 for renovations at his house. This amount will be reflected as

D

D

capital

Liabilities

D

A

B

D

capital

D

B

accounting firm

C

Select the correct answer from the options given:

consumables

1.6

Accounting Equation and CRJ

Economic & Management Sciences

Question 1:

1.3

1.2

financial assets

C

printing

on credit from Universal Hair supplies. Which parts of the accounting equation will be

loan

green grocer

OE + Liabilities

affected?

OE and Assets

A

1.4

Assets + Liabilities

B

OE + Assets

A

Grade 7

 (10)

C

B

Assets

B

B

L + A = OE

Which one of the following is incorrect?

electrician

A

Amy, the owner of Amy’s Hair and Nails bought hair products to replenish stock for sale

1.7

Mrs Mistry pays her child’s school fees from her business account. Which parts of the

A

stationery

nail salon

B

A

A = OE + L

1.1

1.5

The cost of ink for a news agent that prints newspapers will fall under which expense?

drawings

accounting equation will be affected?

expense

A

______________ in the books of ABC Construction.

L = A - OE

Investments made by the company is referred as:

Page 1 of 10

Which of the following is not an example of a services business?

Mr Davenport, the owner of ABC Construction, uses cement and bricks from the business