Scribd Logo
Upload

Welcome to Scribd!

  • Basic Accounting Test-2

    Uploaded by

    Francy Kamimbi
    9 views3 pages

    Original Title

    Basic accounting test-2

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    9 views3 pages

    Basic Accounting Test-2

    Uploaded by

    Francy Kamimbi

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 3
    Please note that al flelds followed by an asterisk must be filled in, h of the following items would not fall under the defi ) Land b) Machinery -) Cash X lay owner's equity xh) ben 2. Which one of the following items would fall under the definition of a lial by cash Xb) Debtors Xe) ‘Owner's equity ) Tax owed ) None of the above 3. Which of the following statements are false?* |) a tiabilty is a debt for your business [2S /b) Debtors are a debt for your business. [5c[6) The accounting equation shows how much of your assets belong to the owner, and how much ‘belong’ to people outside the business. Sz) If you cannot work out a value for an item that will bring you future benefits, then l —you cannot keep this as an asset in your records. Xe) None of the above 4, A business has the following items in itt - Land $1,000,000 - Machinery $20,000 = Cash $10,000 - Debt $0 ~ Owner's equity ? What is the value of the owner's equity?* xt 1) $1,000,000 %b) $1,020,000 [Xb $1,010,000 % 1g) $1,030,000 > e) None of the above. 5. A business has the following items in = Land $1,000,000 - Machinery $20,000 - Cash $10,000 ~ Loan $500,000 - Owner's equity ? What is the value of the owner's equity?*

    You might also like