EMS Grade 8 Question Preview (ID: 42571)


EMS.

State whether Debit or Credit - Assets
a) Debit
b) Credit
c) -
d) -

State whether Debit or Credit - Liabilities
a) Credit
b) Debit
c) -
d) -

State whether Debit or Credit - Operating Revenue
a) Credit
b) Debit
c) -
d) -

State whether Debit or Credit -Operating expense
a) Credit
b) Debit
c) -
d) -

State whether Debit or Credit - Property and equipment
a) Debit
b) Credit
c) -
d) -

State whether Debit or Credit - Accrued salaries
a) Credit
b) Debit
c) -
d) -

State whether Debit or Credit -Sales
a) Debit
b) Credit
c) -
d) -

State whether Debit or Credit - Investments
a) Debit
b) Credit
c) -
d) -

What are factors of production
a) Inputs used in the production of goods or services in order to make an economic profit
b) Exports used for production
c) Production of goods
d) -

Write the accounting equation to calculate an owner's assets
a) A-OE+l
b) (A=OE+L)
c) (A-OE-L)
d) None

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