Accounting Concepts (Grade 10 NSC Matric Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
How many partners are involved in a partnership?
How many partners are involved in a partnership?
Between 2 and 20 partners
What type of income do service businesses earn?
What type of income do service businesses earn?
Fee or commission income
What does 'short-term' refer to in accounting?
What does 'short-term' refer to in accounting?
Next 12 months after current year
At what price are fixed assets recorded in business books?
At what price are fixed assets recorded in business books?
Cost price (original purchase price)
At what price is trading stock entered in business books?
At what price is trading stock entered in business books?
Cost price
When is a bank account classified as a liability?
When is a bank account classified as a liability?
When it has an overdraft
What does the business entity principle state?
What does the business entity principle state?
Owner and business are separate entities
How do operating expenses affect owner's equity?
How do operating expenses affect owner's equity?
They decrease owner's equity
Which expense is classified as non-operating?
Which expense is classified as non-operating?
Interest paid on a loan
What are withdrawals by the owner called?
What are withdrawals by the owner called?
Drawings