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Accountancy MCQs

Topic Notes: Accountancy

General Description

Plato

  • Biography: Ancient Greek philosopher (427–347 BCE), student of Socrates and teacher of Aristotle, founder of the Academy in Athens.
  • Important Ideas:
    • Theory of Forms
    • Philosopher-King
    • Ideal State
11
In a business context, which of the following is typically categorized as capital?
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12
What is the accounting term for assets or cash withdrawn by a business owner for personal use?
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13
What is the accounting term for when a business owner withdraws cash for personal use?
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14
What is the accounting term for cash or assets withdrawn from the business by the owner for personal use?
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15
What is the standard or normal balance type associated with a capital account?
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16
When a sole trader withdraws cash and goods from the business for personal use, how does this affect their capital?
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17
What is the accounting term for the initial funds or assets contributed by an owner to establish a business?
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18
What term describes the withdrawal of cash or goods by a business owner for personal use?
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19
How should a sole trader record the withdrawal of a business computer for personal use in the accounting records?
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20
What is the accounting term for cash or assets withdrawn by the owner for personal use?
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