Section 1. The fundamentals of accounting for Accounting, O Level - revisedeck

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1. The fundamentals of accounting

A section of Accounting, 7707

Listing 10 of 15 questions

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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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

15