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Acc R2

This document is a Grade 9 Accounting revision sheet containing multiple-choice questions covering key concepts such as accounting periods, asset transactions, bookkeeping entries, and capital calculations. It includes questions about specific transactions, the effects on accounts, and calculations related to assets, liabilities, and capital. The questions are designed to test understanding of fundamental accounting principles.

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shahbhavi490
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31 views3 pages

Acc R2

This document is a Grade 9 Accounting revision sheet containing multiple-choice questions covering key concepts such as accounting periods, asset transactions, bookkeeping entries, and capital calculations. It includes questions about specific transactions, the effects on accounts, and calculations related to assets, liabilities, and capital. The questions are designed to test understanding of fundamental accounting principles.

Uploaded by

shahbhavi490
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Grade 9

Accounting
Revision sheet 2
1) An accounting period is
a) Any period for which an entity chooses to prepare its accounts.
b) A calendar year.
c) Any twelve-month period.
d) None of the above.

2) Which of the following statement is correct?


a) When assets increase, are debited.
b) When assets increase, are credited.
c) When assets increase, are debited and credited.
d) When assets increase, are not entered in books.

3) Mr. T. smith introduces a further $1500 cash into his business. The entries would be:
a) Dr Capital Cr Sales
b) Dr Cash Cr Sales
c) Dr Cash only
d) Dr Cash Cr Capital

4) The proprietor paid a creditor C. James from his money outside the firm. The entry to record
the transaction would be:
a) Dr Creditors Cr Cash
b) Dr Bank Cr C. James
c) Dr C. James Cr Capital
d) Dr Cash Cr Bank

5) In book keeping, posting a transaction means:


a) Making the first entry of a double entry system.
b) Entering items in a cash book.
c) Making the second entry of a double entry system.
d) Something other than the above.

6) A firm repays a loan $6000 to A. Paul, the entries would be:


a) Dr Bank A/C Cr Loan A/C
b) Dr Loan A/C Cr Bank A/C
c) Dr Bank A/C Dr Loan Interest A/C
d) Dr Loan Interest A/C Cr Bank A/C

7) Cheque was paid to a creditor B. Lee. The correct entry would be:
Account to Debit Account to Credit
a) B. Lee Cash
b) Bank B. Lee
c) B. Lee Bank
d) Cash B. Lee
8) Mr Tahir brings his private motor car into business, the entry would be:
a) Dr Capital Cr Cash
b) Dr Capital Cr Motor Car
c) Dr Motor Car Cr Capital
d) Dr Motor Car Cr Cash

9) Which entry records the purchase of an equipment on credit?


a) Dr Creditors Cr Equipment
b) Dr Equipment Cr Creditors
c) Dr Creditors Cr Purchases
d) Dr Purchases Cr Creditors

10) Calculate the capital from the following items:


Assets: Building $20000, Stock 8500, cash 100.
Liabilities: Creditors $3000, Loan from Alien $4000.
a) $21100
b) $21600
c) $32400
d) None of the above

11) Identify the incorrect statement.


Effects upon
Assets Liabilities
a) Paid creditor by
Cheque - bank + creditors
b) Bought goods on
Credit + stock + creditors
c) Received cash from + Cash
Debtor - debtors
d) Sold goods + cash
For cash - stock

12) Identify the correct figure:


Assets Liabilities Capital
$ $ $
a) 7850 1250 6600
b) 8200 2800 11000
c) 9550 1150 8200
d) 5420 6540 1120

13) If assets = $50000 and liabilities = $10000,


What is the net worth of the business?
a) $30000
b) $40000
c) $60000
d) $20000

14) A sole trader has premises $25000, bank $1500, stock $22500 and sundry creditors $5000.
What is the amount of capital?
a) $41000
b) $34000
c) $9000
d) None of the above

15) Identify the incorrect figure:


Assets Liabilities Capital
$ $ $
a) 9460 2680 6780
b) 7390 1140 6250
c) 6120 2490 4630
d) 8970 3580 5390

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