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1

Accounting

1.1 A _____ trades for profit. It is not owned by the government and is allowed to offer its shares to the public.
A. state-owned company (Soc Ltd)
B. public company (Ltd)
C. private company (Pty) Ltd
D. non-profit company (NPC)

1.2 Financial information prepared by bookkeepers and accountants of private companies are used by _____.
A. lenders
B. investors
C. the general public
D. All of the above.

1.3 The accounting equation is:
A. Assets = Owner’s equity + Liabilities
B. Owner’s equity = Assets + Liabilities
C. Liabilities = Owner’s equity + Assets
D. Assets = Owner’s equity – Liabilities

1.4 The following is an example of an expense account:
A. Interest received
B. Repairs and maintenance
C. Share capital
D. Equipment

1.5 The following is an example of an income account:
A. Interest received
B. Repairs and maintenance
C. Share capital
D. Equipment

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1.1
Answer is B. public company (Ltd)
Since public company is allowed to offer its shares to public and is not non profit organization

1.2
Answer is D. All of the above
Financial information is used by investors, lenders and can also be viewed by general public

1.3
Answer is A. Assets = Owner’s equity + Liabilities

1.4
Answer is B. Repairs and maintenance

1.5
Answer is A. Interest received