EMS GRADE 9PAPER 1 REVISION

1

100

Which of the following cannot be considered as a trade business?

A)  Woolworths

b)Something Fishy Take Aways

C) Voltage Victory Electricians

D)Bargain Books

C) Voltage Victory Electricians

200

A person that buys goods or services from a business and only pay at a later stage. 

A. Accountant

B. Supplier

C. Debtor

D. Creditor   

C. Debtor

300

Which transaction is recorded in the Debtors Journal?

A. Credit purchases of goods from Skinner & Partners.

B. Sales of goods on credit to C. Prinsloo.

C. Receipt issued to Nico Elsfor merchandise.

D. Issued a cheque to Mokoena& Sons for trading stock bought.

B. Sales of goods on credit to C. Prinsloo.

400

The following are all recognised as assets in the business except:

A. Buildings

B. Creditors

C. Petty cash

D. Vehicles                             

B. Creditors

500

The total of the ……………. must always equal the balance of the Debtor’s Control account

Debtors List

2

100

Transactions are posted to the Debtors Ledger on a __________ basis.

daily

200

• The difference between the cost price of goods sold and the selling price is called_____________.

Profit

300

• All money received by the business will be recorded in the_____________

CRJ

400

• A payment to a creditor will decrease liabilities on the ____________ side.

Debit side

500

The fourth step in the Accounting Cycle.

General Ledger

3

100

The money the owner invests in the business.

Capital

200

Goods taken by the owner for personal use from the business.

Drawings

400

The source document that is used to complete a Debtor’s Journal

Invoice

500

At the end of the month the amounts in the various columns in the cash journals are totaled.

Closing off