SQA National 5 Accounting Financial Accounting quiz quiz

The owner

A manager

A bank (lender)

An employee in the accounts department

Invoice

Credit note

Statement of account

Purchase order

$\pounds 300$

$\pounds 100$

$\pounds 320$

$\pounds 375$

$\pounds 270$

$\pounds 200$

$\pounds 50$

$\pounds 300$

Assets $=$ Capital $-$ Liabilities

Capital $=$ Assets $+$ Liabilities

Assets $=$ Capital $+$ Liabilities

Liabilities $=$ Capital $+$ Assets

The debit side

The credit side

Neither side

Both sides equally

every transaction is in the correct account

total debits equal total credits

no transactions have been omitted

the business has made a profit

opening inventory $+$ purchases $-$ closing inventory

purchases $-$ sales

sales $-$ expenses

closing inventory $-$ opening inventory

$\pounds 22000$

$\pounds 98000$

$\pounds 38000$

$\pounds 60000$

As an expense in the income statement

Added to capital in the statement of financial position

As a current asset

Deducted in the capital section of the statement of financial position

A current asset

A current liability

A non-current liability

Capital

$\pounds 5000$

$\pounds 4000$

$\pounds 6000$

$\pounds 16000$

the original cost every year

the carrying value at the start of each year

the residual value

the sales figure

$\pounds 6500$

$\pounds 6000$

$\pounds 500$

$\pounds 5500$

Posting only one side of a transaction

Adding up an account incorrectly

An error of omission (a transaction left out completely)

Posting different amounts to the debit and credit

$2:1$

$3:1$

$0.67:1$

$1.33:1$