Subsection 1.2. The accounting equation for Accounting, O Level - revisedeck

1.2. The accounting equation

A subsection of Accounting, 7707, through 1. The fundamentals of accounting

Listing 9 of 9 questions

The balances remaining on the books of a business after the preparation of the income statement included the following. $ loan from XY Finance 10 000 wages due rent prepaid trade receivables 3 300 trade payables 4 650 motor vehicles 8 000 provision for depreciation of motor vehicles 2 000 What was the total of the liabilities?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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On 1 January 2019 current assets totalled $16 000 and the current ratio was 2 : 1. On 31 December 2019 the current liabilities had increased by 50% and the current ratio was 1.5 : 1. What was the value of the current assets on 31 December 2019?

7707_s20_qp_11

MCQ

2020

Paper 1, Variant 1

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A trader bought new fixtures. He paid half of the purchase price in cash and agreed to pay the balance in two months’ time. How does this purchase affect the accounting equation?

7707_s20_qp_12

MCQ

2020

Paper 1, Variant 2

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What is the accounting equation?

7707_s22_qp_11

MCQ

2022

Paper 1, Variant 1

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The balances remaining on the books of a business after the preparation of the income statement included the following: $ 10 000 3 300 4 650 8 000 2 000 loan from XYY Finance wages due rent prepaid trade receivables trade payables motor vehicles provision for depreciation of motor vehicles D $17 270 C $15 270 What was the total of the liabilities?

7707_s24_qp_12

MCQ

2024

Paper 1, Variant 2

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What does the owner’s equity consist of?

7707_w20_qp_12

MCQ

2020

Paper 1, Variant 2

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Which statement correctly describes the accounting equation?

7707_w23_qp_13

MCQ

2023

Paper 1, Variant 3

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A trader bought new fixtures. He paid half the purchase price in cash and agreed to pay the balance at a later date. How does this purchase affect the accounting equation?

7707_w24_qp_12

MCQ

2024

Paper 1, Variant 2

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Which accounting principle is the accounting equation based on?

7707_w24_qp_12

MCQ

2024

Paper 1, Variant 2

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Questions Discovered

9