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25
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What effect does the following transaction have on the Accounting Equation: Bought coffee and tea for the staff, R200
Assets decrease (Bank) R200 and Owner's Equity decreases R200
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×
boom
Lose 50 points!
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×
gift
Win 20 points!
Okay!
×
gift
Win 20 points!
Okay!
×
baam
Lose 15 points!
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15
×
What am I referring to when I speak about the revenue of the business?
Income
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20
×
What is the simple formula to calculate Profit or Loss?
Income - Expenses = Profit/Loss
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15
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What is the term used to refer to the debt of a business?
Liability
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10
×
What is money in the bank classified as? a)Income b) Liability c) Asset
c) Asset
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25
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What effect does the following transaction have on the accounting equation: Take a loan from the bank to buy a delivery vehicle, R100.000
Assets (Vehicles) increase by R100.000 and Liabilities (Bank loan) increase by R100.000
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15
×
What is the accounting equation?
A = L + OE
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20
×
Give 3 examples of expenses
Answers will vary
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25
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What effect does the following transaction have on the accounting equation: Received money for work done, R5.000
Assets (Bank) increase by R5.000 and Owner's Equity increases by R5.000
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eraser
Reset score!
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star
Double points!
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rocket
Go to first place!
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thief
Give points!
5
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25
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thief
Give points!
5
10
15
20
25
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star
Double points!
Okay!
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gift
Win 25 points!
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lifesaver
Give 25 points!
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15
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Give one example of a current asset.
Answers will vary.
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20
×
Is this form of the accounting equation correct? A + L = OE
No (A = L + OE therefore we can say A - L = OE)
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25
×
What effect does the following transaction have on the accounting equation: The owner invests R50.000 in the business.
Assets (Bank) increase by R50.000 and Owner's Equity increases by R50.000
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25
×
What effect does the following transaction have on the accounting equation: Bought equipment for car, R20.000
Assets (Equipment) increase by R20.000 and Assets decrease by R20.000 (Bank)
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