This documents consists of 20 Questions and answers on multiple choice questions on introduction to financial accounting kcq 1 and will assist you in your understanding of basic accounting concepts
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1. The three main forms of business ownerships in South Africa are:
Public Company ,private company, and government owned company
Partnership , limited liability company and sole trader
Sole trader, partnership and private company
Sole trader ,partnership and company
2. Manitoba invested R450 000 into a shoe making business. His brother
lends him 285 000 of the total investment. His contribution in the
investment is R65 000, while the bank provided
R100 000
R85 000
R115 000
R165 000
, 3.Which of the following is categorized as a liability
Capital
Debenture
Property
Office equipment
3. Malibongwe invests R500 000 in CoffeeLite, a coffee shop business.
Examining the statement of changes of CoffeeLite means
Calculating Malibongwe’s profit in cofeelite
Calculating the value of Malibongwe’s asset
Examining the management skill of Malibongwe in CoffeeLite
Examining Malibongwe’s interest in CoffeeLite
4. Adjustment is a transaction that involves 2 parties
True
False
5. Stationeries is one of the items deducted from the gross profit to
determine the net profit on the statement of financial position.
True
False
6. Short- term loan is a component of the ……………… in the financial
position statement
Current asset
Equity
Current liabilities
Non-current liabilities
7. Nadini , a student at the School of business studies was required to
provide information on the financial transactions of Hugo Limited as at
31 December , 2021. This information can be regarded as a form of
……………
Financial accounting
Management accounting
Financial management
Sustainability accounting
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