FFMA QUESTIONS QUIZZES & ANS!!
1 of
13
Term
Are capital considered an asset?
Give this one a try later!
Yes, capital is a type of revenue Yes, capital is considered a liability
generated from sales and services. that must be repaid to creditors.
No, capital is merely an expense No it is an equity since the
that reduces the overall profit of the owner invest it into the
, company. company.
Don't know?
2 of 13
Term
Below are an extract from Pepco's accounting
records: Cash £2,000
Bank £3,500
Trade receivables
£950 Property
£25,000
Bank loan £4,000
How much current assets does Pepco own?
A.$5,500
B.$25,000 C.
$6,450
$4,950
Give this one a try later!
A, B, G
C.Profits are a balancing figure not a MAIN element
D.Losses are a balancing figure not a MAIN
element E.Obligations is a liability not a
main element
F.Resources is an asset but isn't a main element either.
, C. Record of income generated and expenditured occured over a given
period.
List of ledgers is called a trial balance
List of assets and liabilities of a business is a statement of financial
position. a record of cash generated and used is called a
statement of cash flow.
C.Assets and capital
Capital is increased because the owner is bringing in a tool for the
business which is considered an investment.
An investment from the owner is considered capital.
C. 6450
Cash £2,000 yes useable within a
year Bank £3,500 yes usable within
a year
Trade receivables £950 yes receivable within a year.
Property £25,000 NO lands are used more than a
year. Bank loan £4,000 NO its a liability
Don't know?
3 of 13
Term
A sole trader increases the business's number of motor
vehicles by adding his own car to its fleet.
Which element(s) of the accounting equation will change
due to this transaction?
1 of
13
Term
Are capital considered an asset?
Give this one a try later!
Yes, capital is a type of revenue Yes, capital is considered a liability
generated from sales and services. that must be repaid to creditors.
No, capital is merely an expense No it is an equity since the
that reduces the overall profit of the owner invest it into the
, company. company.
Don't know?
2 of 13
Term
Below are an extract from Pepco's accounting
records: Cash £2,000
Bank £3,500
Trade receivables
£950 Property
£25,000
Bank loan £4,000
How much current assets does Pepco own?
A.$5,500
B.$25,000 C.
$6,450
$4,950
Give this one a try later!
A, B, G
C.Profits are a balancing figure not a MAIN element
D.Losses are a balancing figure not a MAIN
element E.Obligations is a liability not a
main element
F.Resources is an asset but isn't a main element either.
, C. Record of income generated and expenditured occured over a given
period.
List of ledgers is called a trial balance
List of assets and liabilities of a business is a statement of financial
position. a record of cash generated and used is called a
statement of cash flow.
C.Assets and capital
Capital is increased because the owner is bringing in a tool for the
business which is considered an investment.
An investment from the owner is considered capital.
C. 6450
Cash £2,000 yes useable within a
year Bank £3,500 yes usable within
a year
Trade receivables £950 yes receivable within a year.
Property £25,000 NO lands are used more than a
year. Bank loan £4,000 NO its a liability
Don't know?
3 of 13
Term
A sole trader increases the business's number of motor
vehicles by adding his own car to its fleet.
Which element(s) of the accounting equation will change
due to this transaction?
