The Accounting Equation (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 accounting equation?
What is the accounting equation?
Which of these are examples of assets?
Which of these are examples of assets?
Cash, equipment, stock, debtors
How do debit and credit entries affect asset accounts?
How do debit and credit entries affect asset accounts?
Debit increases, credit decreases
What type of balance do liabilities normally have?
What type of balance do liabilities normally have?
Credit balances
What does equity include?
What does equity include?
Capital, accumulated profits/losses, drawings
How does income affect equity?
How does income affect equity?
Increases equity
What is double-entry bookkeeping?
What is double-entry bookkeeping?
Every transaction affects at least 2 accounts
What is the golden rule of the accounting equation?
What is the golden rule of the accounting equation?
The equation remains balanced after every transaction
How should bank overdrafts be classified?
How should bank overdrafts be classified?
As liabilities
Which journal records all cash and cheques received?
Which journal records all cash and cheques received?
Cash Receipts Journal (CRJ)