2024/2025 SEMESTER REVISION QUESTIONS
WITH VERIFIED ANSWERS
Asset - ANSWER-A resource controlled by the entity as a result of
past events and from which future economic benefits are
expected to flow to the entity
Basic Accounting Equation (BAE) -
ANSWER-Assets=Equity+Liabilities
Current Asset - ANSWER-Assets which have a short lifespan and
continually change in the normal course of business
Current Assets - ANSWER-
inventories
Debtors
Bills received
Cash at the bank
Current Liabilities - ANSWER-
Creditors
Bank overdrafts