Bookkeeping Quiz

Which of the following is NOT an expense?*

Machinery
Cost of Sales
Rental
Salaries

Which of the following is NOT a non-allowable item for the purposes of claiming VAT Input*

Club fees
Entertainment
Passenger Vehicles
Life Insurance

Assume you are in a in a business partnership with someone else (i.e. the type of entity is a partnership and NOT a company). Your partner makes some bad decisions on his/her own without consulting with you which results in the business suffering serious losses. As a result the business is unable to pay the money that it owes to the bank. Could the bank attach your personal assets such as your home and car (which has nothing to do the business) ?*

No
Yes

A business supplies aircraft fuel . For the VAT period it have had sales of 500 000 incl. VAT. In which box number on the VAT return form should it enter this amount?*

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Which is of the following is correct?*

Assets + Liabilities = Owner's Equity
Assets + Owner's Equity = Liabilities
Liabilities = Assets - Owner's Equity
Liabilities - Assets = Owner's Equity
Liabilities - Owner's Equity = Assets

TRUE OR FALSE: The following are all different names for the same account:*

Debtors Control
Customer Control
Accounts Receivable

True
False

Assume you are a VAT vendor. You want to purchase stationery and receive two quotes as per below for the same items. Which one will you choose ?*

1) QUOTE 1 from a supplier that is NOT registered for VAT: R500
2) QUOTE 2 from a supplier that IS registered for VAT: R550 incl. VAT

Quote 1
Quote 2

Which Subsidiary Journal would you use to process transactions that don't fit into any of the other journals e.g. Depreciation*

Assume you are a VAT vendor who supplies only a standard rated supply. In your accounting records you see the following amount for Sales in the month R10 000. How much did you invoice your customers in this month?*

R10 000
R15 000
You can't tell for sure from this information
R11 500

TRUE OR FALSE: Everything that the business owns effectively belongs to the owners (i.e. the shareholders) of the business.*

False
True

Bookkeeping Quiz

Sample Bookkeeping Fundamentals Lesson

The Accrual Basis of Accounting

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