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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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heart
Other team wins 20 points!
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star
Double points!
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rocket
Go to first place!
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thief
Give points!
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25
15
×
Give 1 example of a fixed asset.
Answers will vary
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15
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What is the term for when the owner takes money out of the business?
Drawings
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15
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What am I referring to when I speak about the revenue of the business?
Income
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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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15
×
Capital - Drawings + Profit - Loss = ?
Owner's Equity
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20
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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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seesaw
Swap points!
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gift
Win 5 points!
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fairy
Take points!
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25
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baam
Lose 25 points!
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10
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Give 1 example of an income.
Answers will vary.
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10
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Clients who owe the business money are an example of a) Income b) Asset c) Liability
b) Asset
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15
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What is the accounting equation?
A = L + OE
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10
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What is money in the bank classified as? a)Income b) Liability c) Asset
c) Asset
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20
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Give 3 examples of expenses
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thief
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25
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magnet
Take 25 points!
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gift
Win 25 points!
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banana
Go to last place!
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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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