GRADE 8
ACCOUNTING
TERM 1
TEST
MARKS: 50
TIME: 1 HOUR
www.summariessa.co.za
, SECTION A
QUESTION 1
1.1.1 Several options are given as possible answers to the following questions. Choose the answer
and write only the letter (A-D) next to the question numbers (1.1.1 to 1.1.5) in the ANSWER
BOOK, e.g. 1.1.6 D.
1.1.1 The only reason a person starts a business is to make a profit. This refers to the...
A. hard work
B. profit motive
C. business entity
D. transactions
1.1.2 Which one of the following definitions describes debtors
A. Persons or businesses to whom we owe money
B. The money the business has in the bank.
C. Persons or companies who owe our company money.
D. Assets of the business
1.1.3 Which one of the following items would be considered a financial asset for the business?
A fixed deposit
B loan
C owners equity
D cash float
1.1.4 "Overdraft" can be described as...
A money that the company has saved in their account
B the company can withdraw more money than is available in their account.
C money paid to the bank for using the account
D an account where many different transactions happen.
1.1.5 Which one of the following equations represents the accounting equation.
A Assets = Income + Expenses
B Assets = Owner's Equity + Liabilities
C Owner's Equity = Assets + Income
D Liabilities = Owner's Equity – Income x Expenses (5 x 2) (10)
2|Page www.summariessa.co.za A c c o u n ti n g
Grade - March Paper
ACCOUNTING
TERM 1
TEST
MARKS: 50
TIME: 1 HOUR
www.summariessa.co.za
, SECTION A
QUESTION 1
1.1.1 Several options are given as possible answers to the following questions. Choose the answer
and write only the letter (A-D) next to the question numbers (1.1.1 to 1.1.5) in the ANSWER
BOOK, e.g. 1.1.6 D.
1.1.1 The only reason a person starts a business is to make a profit. This refers to the...
A. hard work
B. profit motive
C. business entity
D. transactions
1.1.2 Which one of the following definitions describes debtors
A. Persons or businesses to whom we owe money
B. The money the business has in the bank.
C. Persons or companies who owe our company money.
D. Assets of the business
1.1.3 Which one of the following items would be considered a financial asset for the business?
A fixed deposit
B loan
C owners equity
D cash float
1.1.4 "Overdraft" can be described as...
A money that the company has saved in their account
B the company can withdraw more money than is available in their account.
C money paid to the bank for using the account
D an account where many different transactions happen.
1.1.5 Which one of the following equations represents the accounting equation.
A Assets = Income + Expenses
B Assets = Owner's Equity + Liabilities
C Owner's Equity = Assets + Income
D Liabilities = Owner's Equity – Income x Expenses (5 x 2) (10)
2|Page www.summariessa.co.za A c c o u n ti n g
Grade - March Paper
