ASSET
Capital is what type of account?
Owner's Equity
Amounts owed by the business to external parties.
Liabilities
An expense makes which account go down?
Owner's equity
The financial statement that includes Owner's Equity.
Balance Sheet
Maya sold cupcakes in her neighborhood. The cost of preparing the cupcakes was $5.39. The money she received from the sale of the cupcakes was $24.00. What was Maya's profit?
$18.61
A motor vehicle is classified as a what type of account?
Asset
Accounts Payable are classified as what type of account?
Liability
.
If liabilities are $3,000 and Owner's Equity is $8,000, What are the value of the assets?
$11,000
The financial statement that includes Revenue.
Income Statement
Sandy makes and sells wedding cakes. To make one wedding cake, it costs her $18.36. If she sells one wedding cake for $75, how much profits will she make if she sells one weeding cake?
$56.64
A machine was bought for $3,000. It was expected to have a working life of five years and scrap value of $200 at the of that time.
How much would be charged as depreciation per annum using the straight line method?
$560
The interest charged on a RM100,000 note payable, at the rate of 10%, on a 60-day note would be
RM1,667
The accounting equation is:
Assets = Liabilities + Owner's Equity
The first two columns of the Work Sheet which contain the balances from the general ledger.
Trial Balance
What is a fixed expenses?
A fixed expense is when the amount does not changes from month to month or week to week.
A fixed asset was purchased on 1 January 2017 for $5,600. Depreciation was charged at 20% of its book value at the beginning of each year.
What would be the book value of the fixed asset at 31 December 2019, assuming that the financial year ends on 31December every year?
$2,867
Entity A issued RM200,000 bonds and received RM200,000 in cash.
Journal entry to record this transaction:
Dr. Cash 200,000
Cr. Bonds Payable 200,000
What do you call the account to be deducted from the balance after getting the total of equity beginning, additional investment and Net income at a given period of time?
drawing account
Financial statement that reports revenue and expenses for the fiscal period.
Income Statement
How do you calculate profit?
income - expenses = profit
A fixed asset was bought for $7,600 on 1 January 2017. Depreciation of 25% per annum was charged using the reducing balance method. Assuming that the financial year ends on 31 December each year, what would be its accumulated depreciation ( written down value ) at 31 December 2019?
$4,394
On December 1, ABC Co. hired Juanita Perez to begin working on January 2 at a monthly salary of RM4,000. ABC's balance sheet of December 31 will show a liability of
No Liability
It is a business organization formed by 2 or more persons bind themselves together to form a business with the intention of dividing the profits among themselves is called ______.
Partnership
The difference between revenue and expenses when revenue is greater.
Net Income
grocery shopping, gas for your car, buying new shoes, rent. What is an example of a FIXED expense?
rent