An Introduction to Accounting (Grade 11 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?
Assets = Owner's Equity + Liabilities
Under historical cost concept, how is an asset recorded?
Under historical cost concept, how is an asset recorded?
At its purchase price
What does the business entity concept require?
What does the business entity concept require?
Business & personal transactions kept separate
What does the matching concept require?
What does the matching concept require?
Expenses recorded in same period as income
Which journal records all money received by the business?
Which journal records all money received by the business?
Cash Receipts Journal (CRJ)
In the double entry system, what must always be true?
In the double entry system, what must always be true?
Total debits must equal total credits
On which side do assets increase?
On which side do assets increase?
Debit side (left)
Which items increase owner's equity?
Which items increase owner's equity?
Sales and income
What is the main purpose of the Trial Balance?
What is the main purpose of the Trial Balance?
Prove total debits equal total credits
What are the two main financial statements?
What are the two main financial statements?
Income Statement and Balance Sheet