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- 1. Multiple Choice
Which one from the list below doesn't represent the Accounting equation?
A = OE + L
A - L = OE
A - OE = L
OE = A + L
- 2. Multiple Choice
How will you calculate profit?
Income - Expenses
Income + Expenses
Income x Expenses
Capital - Expenses
- 3. Multiple Choice
Which word in a transaction won't define the transaction to be a drawing?
Private
Capital
Owner
Personal
- 4. Multiple Choice
Profit is the amount of money left over after all expensenses have been paid.
True
False
- 5. Multiple Choice
Assets can be seen as
Possessions that are used to run a business.
Expenses for the business
Items the business received from the owner
- 6. Multiple Choice
How many account groups will affect owners equity?
1
2
3
4
- 7. Multiple Choice
The full formula to calculate owners equity is, Capital + Income - Expenses - Drawings
True
Fales
- 8. Multiple Choice
When the business receives a loan of R10 000 what will happen to bank?
No effect on bank
Bank will increase
Bank will decrease
- 9. Multiple Choice
What will happen to liabilities when a business takes out a loan?
Loans will increase
No effect
Loans will decrease
- 10. Multiple Choice
When the owner contributes capital in the form of a direct EFT, Capital and which other account will be affected and how?
Bank will increase
Bank will decrease
Capital will increase
Capital will decrease
- 11. Multiple Choice
Debtors control is an asset?
True
False
- 12. Multiple Choice
Creditors control is an asset?
True
False
- 13. Multiple Choice
EFT stands for?
Electronic fund transaction
Electronic fund transfer
Easy Fund transfer
- 14. Multiple Choice
When a business sells goods how many accounts will be affected?
1
2
3
4
- 15. Multiple Choice
What is the current VAT rate in South Africa?
15%
14%
10%
42%
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