1
1. Proof that the transaction took place from which the transaction will be recorded.
A- Memorandum
B- Sales notes
C -Cash register
D -Source documents
D -Source documents
1. The abbreviation EFT stands for:
A- Electronic funds transfer
B- Electric funds transfer
C- Exclusive financial training
D- Electronic Financial test
A- Electronic funds transfer
Cashed one cheque to pay the week’s wages, R 1 200 and buy paper for the printer, R100.
1. The above transaction will be recorded to which JOURNAL?
Cash Payment Journal
1. Valuable possessions or belongings of a business are known as
A -Expenses
B -Income
C -Assets
D- Liabilities
C -Assets
1. When a business owner deposits money into the business bank account it is called…
A -Deposit
B -Capital
C -Sales
D -Services rendered
B -Capital
The left side of a General Ledger is known as the ___________ side.
Debit
All cash received is recorded in the________
Cash Receipt Journal
Green Fingers Garden Services is an example of a _____________ business.
Service
Analyse the transactions below to show the effect on the Accounting Equation.
1. Services rendered per the Cash register roll,
R2 000.
Which account DEBIT and which account to CREDIT
DEBIT - BANK
CREDIT - CURRENT INCOME
The Mabusela household recorded the following assets:
House and plot R655 000
Furniture R115 000
Car R 65 000
Cash in the bank R 2 750
Mr Mabusela still owes R415 000 on his house and R37 000 on the family car.
1. Calculate the total ASSETS and total LIABILITY
Total ASSETS - R837 750
Total LIABILITIES - R452 000
Analyse the transactions below to show the effect on the Accounting Equation.
1. The owner bought new equipment costing R4 000.
Which account to DEBIT and which account to CREDIT?
DEBIT - EQUIPMENT
CREDIT - BANK