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- 1. Multiple Choice
What is defined as:
"amounts owed by the business to other people or institutions"
Assets
Liabilities
Incomes
Expenses
- 2. Multiple Choice
How do you classify Debtor's Control?
Current Asset
Non-Current Asset
Current Liabilities
Non-Current Liabilities
- 3. Multiple Choice
Select all the expenses.
Rent expense
Current income
Interest on fixed deposit
Interest on loan
Desk
- 4. Fill in the Blank
Sales = R55 000
Cost of Sales = R18 500
Incomes = R6 450
Expenses = R8 350
Assets = R19 450
Liabilities = R10 000
Capital = R692 000
Calculate Gross Profit
- 5. Fill in the Blank
Sales = R55 000
Cost of Sales = R18 500
Incomes = R6 450
Expenses = R8 350
Assets = R19 450
Liabilities = R10 000
Capital = R692 000
Calculate Net Profit
- 6. Fill in the Blank
Sales = R55 000
Cost of Sales = R18 500
Incomes = R6 450
Expenses = R8 350
Assets = R19 450
Liabilities = R10 000
Capital = R692 000
Calculate Profitability (Return on Investment)
- 7. Multiple Choice
Select all the source documents that can be included in the CRJ.
Bank Statement
Invoice
Receipt
CRR
- 8. Multiple Choice
Which is the correct Accounting Equation?
A = OE + L
A = OE - L
L = A + OE
OE = A + L
- 9. Multiple Choice
Select all that increase on the CREDIT side.
Capital
Drawings
Incomes
Liabilities
Assets
- 10. Multiple Choice
Select which affects Owner's Equity column in Accounting Equation.
Assets
Capital
Incomes
Liabilities
- 11. Multiple Choice
Harry's Hardware sells tools. Markup on cost is 50%.
Purchased stationery from Loyal Printers and paid by EFT, R12 000.
CRJ
CPJ
- 12. Multiple Choice
Harry's Hardware sells tools. Markup on cost is 50%.
Cash sales, R37 500.
CRJ
CPJ
- 13. Fill in the Blank
Harry's Hardware sells tools. Markup on cost is 50%.
Cash sales, R37 500.
Calculate cost of sales
- 14. Multiple Choice
Harry's Hardware sells tools. Markup on cost is 50%.
Received R1 350 via EFT from J Jones as reward for selling on her behalf.
CRJ
CPJ
- 15. Multiple Choice
Harry's Hardware sells tools. Markup on cost is 50%.
Services rendered, R7 650
CRJ
CPJ
- 16. Multiple Choice
Harry's Hardware sells tools. Markup on cost is 50%.
Services rendered, R7 650. Which column should this fall under?
Sundry (Services Rendered)
Trading Stock
Current Income
Sales
- 17. Multiple Choice
Harry's Hardware sells tools. Markup on cost is 50%.
Drew cash for wages, R24 000. What are the details under Name of Payee in CPJ?
Cash
Wages
Salaries
- 18. Multiple Choice
Harry's Hardware sells tools. Markup on cost is 50%.
Received R3 000 rent from a tenant via direct transfer.
Select ALL the columns that you will affect with the R3 000 in the CRJ.
Analysis of Receipts
Bank
Sundry (Rent Income)
Current income
- 19. Multiple Choice
Accounting Equation:
Owner increased their capital contribution by transferring R120 000 into the bank account of the business.
What account is DEBITED
Asset
Bank
Capital
Drawings
- 20. Multiple Choice
Accounting Equation:
Withdrew R500 cash to give a local old age home a donation.
What account is DEBITED?
Asset
Expense
Bank
Donation
- 21. Multiple Choice
Accounting Equation:
The bank paid Telkom R850 for the telephone account as per the debit order.
What account is CREDITED?
Bank
Asset
Telephone
Expense
- 22. Multiple Choice
Accounting Equation:
New desk is purchased for R1 300 for the office.
What account is DEBITED?
Desk
Asset
Equipment
Bank
- 23. Fill in the Blank
Selling price: R4 500
Cost price: R3 750
What is mark-up percentage?
(Do not include % in your answer)
- 24. Fill in the Blank
Selling price: R675
Mark-up percentage: 25%
What is cost price?
- 25. Fill in the Blank
Cost price: R750
Mark-up percentage: 60%
What is selling price?
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