Matric Accounting

Question 1

What is the basic accounting equation?

Accepted Answer

Assets = Owner's Equity + Liabilities

Answer

Assets = Income - Expenses

Answer

Capital = Assets + Liabilities

Answer

Profit = Assets - Capital

Question 2

A business buys equipment for cash. How are the accounts affected?

Accepted Answer

One asset increases and another asset decreases

Answer

Assets increase and liabilities increase

Answer

Owner's equity increases

Answer

Liabilities decrease and equity decreases

Question 3

Which document is issued to a debtor when goods are returned to the business?

Accepted Answer

Credit note

Answer

Invoice

Answer

Debit note

Answer

Receipt

Question 4

In which financial statement would you find the net profit of a business?

Accepted Answer

Statement of Comprehensive Income (Income Statement)

Answer

Statement of Financial Position

Answer

Cash Flow Statement

Answer

Debtors Ledger

Question 5

What is the term for the decrease in value of a non-current asset over its useful life?

Accepted Answer

Depreciation

Answer

Discount

Answer

Drawings

Answer

Dividends

Question 6

If trading stock costing R5 000 is sold for R8 000, what is the gross profit?

Accepted Answer

R3 000

Answer

R13 000

Answer

R8 000

Answer

R5 000

Question 7

Money the owner takes out of the business for personal use is recorded as:

Accepted Answer

Drawings

Answer

Capital

Answer

Salary

Answer

Loan

Question 8

Which of the following is a current liability?

Accepted Answer

Creditors control

Answer

Land and buildings

Answer

Vehicles

Answer

Fixed deposit