Practice 10 questions on ACC15M1 - Financial Accounting I at Walter Sisulu University. Free AI-generated quiz on uNotes — track your score, retake anytime.
1If Mr. Tengisa invests an additional R500,000 into Myezo Supermarket, how does this specifically affect the components of the accounting equation?
2Based on the course materials, which of the following is classified as an 'Investing' decision?
3In a Bank Reconciliation Statement, how should a cash deposit made on the last day of the month that only reflects on the bank statement the following month be treated?
4Which of the following accounts from the trial balance are considered 'Non-Current Assets'?
5Using the straight-line method, calculate the annual depreciation expense for a forklift purchased for R210,000 with an expected useful life of 6 years and R0 scrap value.
6Which accounting concept states that the records of the business must be kept separate from the personal financial activities of the owner?
7Identify the accounts that would be affected if the owner takes business inventory (shrub) with a cost price of R50 and selling price of R75 for personal use.
8A business has a savings account balance of R300,000 earning 6% interest per annum. If interest for the last 3 months of the financial year has been earned but not yet received or recorded, what is the amount of the Accrued Income adjustment?
9Which of the following is the primary purpose of a Trial Balance?
10Which of these transactions would result in an increase in Liabilities?
