Podcast
Questions and Answers
A business purchases equipment for cash. What is the effect on the accounting equation?
A business purchases equipment for cash. What is the effect on the accounting equation?
- Assets increase and assets decrease. (correct)
- Assets remain unchanged.
- Assets increase and liabilities decrease.
- Liabilities increase and equity decreases.
Which of the following actions would decrease the net worth of a business?
Which of the following actions would decrease the net worth of a business?
- The owner withdraws cash from the business for personal use. (correct)
- The owner invests personal funds into the business.
- The business obtains a loan from a bank.
- The business generates a profit.
A business receives an EFT payment from a customer. Which source document would the business use to record this transaction?
A business receives an EFT payment from a customer. Which source document would the business use to record this transaction?
- Invoice
- EFT payment authorisation (correct)
- Receipt
- Credit note
How would a short-term loan, due within the next six months be classified?
How would a short-term loan, due within the next six months be classified?
A business purchases furniture on credit. Which journal is used to initially record this transaction?
A business purchases furniture on credit. Which journal is used to initially record this transaction?
Flashcards
Net Worth
Net Worth
Assets minus liabilities; represents the owner's stake in the business.
Accounting Cycle
Accounting Cycle
A series of steps to record, classify, and summarize accounting information.
Source Documents
Source Documents
Original records of transactions, like receipts or invoices.
Journals
Journals
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Drawings
Drawings
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Study Notes
- EMS - Accounting: Formal Assessment 1 for Grade 9
- Total marks: 50
- Date: 10 February 2025
- Examiner: Ms. S Smit
- Moderator: Ms. Stemmet
Terminology and the Accounting Cycle
- Lesson 1: Net Worth and Accounting Cycle (interactive workbook)
- Calculate Net Worth.
- Complete the Accounting Cycle.
- Identify source documents used for different transactions.
- Identify different journals used for different transactions.
- Lesson 2: Account classification (interactive workbook)
- Define the different accounts:
- Capital
- Drawings
- Non-current assets and Current assets
- Non-current liabilities and current liabilities
- Income
- Expenses
Bank Accounts and Source Documents
- Lesson 1: Bank accounts (interactive workbook)
- Interpret a bank statement.
- Lesson 2: Source documents (interactive workbook)
- Interpret a receipt and an EFT payment authorization.
- Important: Review all activities in the textbook.
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Description
Grade 9 accounting assessment covering net worth, the accounting cycle, account classification, bank statements, and source documents. Topics include calculating net worth, completing the accounting cycle, and interpreting bank statements, receipts and EFT authorizations.
