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Questions and Answers
A business purchases office furniture for cash. Which of the following describes the effect on the accounting equation?
A business purchases office furniture for cash. Which of the following describes the effect on the accounting equation?
- Assets increase and assets decrease. (correct)
- Assets remain unchanged.
- Assets decrease and liabilities increase.
- Assets increase and liabilities decrease.
Which account is used to record the owner's personal withdrawals from the business?
Which account is used to record the owner's personal withdrawals from the business?
- Drawings (correct)
- Expenses
- Income
- Capital
Which sequence accurately orders the steps of the accounting cycle?
Which sequence accurately orders the steps of the accounting cycle?
- Journalizing, Posting, Trial Balance, Financial Statements (correct)
- Financial Statements, Journalizing, Posting, Trial Balance
- Posting, Journalizing, Trial Balance, Financial Statements
- Trial Balance, Journalizing, Posting, Financial Statements
A company receives an EFT payment from a customer for services rendered. Which source document would the company primarily use to record this transaction?
A company receives an EFT payment from a customer for services rendered. Which source document would the company primarily use to record this transaction?
A business has total assets of $250,000 and total liabilities of $100,000. What is the net worth of the business?
A business has total assets of $250,000 and total liabilities of $100,000. What is the net worth of the business?
Flashcards
Net Worth
Net Worth
Assets minus liabilities; indicates the value of a business if all assets were sold and all debts paid.
Accounting Cycle
Accounting Cycle
A series of steps to record, classify, and summarize accounting information to create financial statements.
Source Documents
Source Documents
Original records that provide evidence of a transaction (e.g., receipts, invoices, EFT authorizations).
Income Definition
Income Definition
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Expenses Definition
Expenses Definition
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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.
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Description
This assessment covers net worth calculation, the accounting cycle, account classification (capital, drawings, assets, liabilities, income, expenses), bank statements, receipts, and EFT authorizations. Designed for Grade 9 EMS accounting.
