Grade 10 - Principles of Accounts - Revision for End of Term Examination January 2021
Internal users of the financial statements include
Employees, managers, shareholders, accountants
Which of the following are functions of a book-keeper?
Posting and Recording
Which of the following should not be called 'Purchases'?
Purchases of a motor van for use by firm
Which of the following best describes the meaning of 'Sales'?
Sale of items previously included in 'Purchases'
The accounting cycle goes by the following order
Source documents ⇨ journal ⇨ ledgers ⇨ trial balance ⇨ financial statements
Use the accounting equation to complete the table below: ASSETS $ CAPITAL $ LIABILITIES $ 12,500 1,800 ______
$10,700
Use the accounting equation to complete the table below: ASSETS $ CAPITAL $ LIABILITIES $ 30,500 18,820 ______
$11,680
Use the accounting equation to complete the table below: ASSETS$ CAPITAL $ LIABILITIES $ 70,100 _______ 15,500
$54,600
Use the accounting equation to complete the table below: ASSETS $ CAPITAL $ LIABILITIES $ ______ 22,210 45,555
$67,765
The resources introduced into the business by its owner.
Capital
What is another name for the owner's equity?
Capital
From the transactions below identify the account to be debited and the account to be credited. Select from the drop down menu. A debtor, J. Cross, pays us by cheque
Debit - Bank and Credit - J. Cross
From the transactions below identify the account to be debited and the account to be credited Select from the drop down menu. i) Started business with cash.
Debit - Cash and Credit - Capital
From the transactions below identify the account to be debited and the account to be credited . Select from the drop down menu. iv) Paid a creditor, D. Lord, by cash
Debit - D. Lord and Credit - cash
From the transactions below identify the account to be debited and the account to be credited . Select from the drop down menu. ii) Purchase machinery from D. Roulston on credit.
Debit - Machinery and Credit - D. Roulston
From the transactions below identify the account to be debited and the account to be credited . Select from the drop down menu. iii) Bought motor lorry for cash.
Debit - motor lorry and Credit - cash
Using the 'permanency' method, what is the correct order in which these fixed assets should be shown in a balance sheet is:
building, machinery, fixtures, motor vehicle
Using the 'order of liquidity', the descending order in which current assets should be shown in a balance sheet is:
stock, debtors, bank, cash
Which is the BEST definition of a Balance Sheet?
A statement of all the assets, liabilities and capital of a business
What is the accounting equation?
Assets = Liabilities + Capital
Loan from J. Henry
Is an example of a liability
Premises
Is an example of an asset
Creditors
Individuals or businesses to whom your business owes money
Debtors
Individuals or businesses who owes money to your business
What is accounting?
The information system that identifies, records, and communicates the economic events of an organization to interested users.