Format of Financial Statements (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
What is the correct accounting equation?
What is the correct accounting equation?
Why do interest items appear at the end of the income statement?
Why do interest items appear at the end of the income statement?
To separate operations from financing
A fixed deposit matures in 8 months. How is it classified?
A fixed deposit matures in 8 months. How is it classified?
Current asset
What is the formula for carrying value of fixed assets?
What is the formula for carrying value of fixed assets?
Cost price - Accumulated depreciation
How is a bank overdraft always classified?
How is a bank overdraft always classified?
Current liability
Where are prepaid expenses classified on the balance sheet?
Where are prepaid expenses classified on the balance sheet?
Trade and other receivables (asset)
How is income received in advance classified?
How is income received in advance classified?
Liability
What decreases owner's equity in the equity note?
What decreases owner's equity in the equity note?
Drawings
For a services business, what equals gross operating income?
For a services business, what equals gross operating income?
Income from services + Other income
What is the cost of sales formula for a retail business?
What is the cost of sales formula for a retail business?
Opening stock + Purchases - Closing