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14 Accounting for Equity: Capital and Drawings
This quiz focuses on testing knowledge related to accounting concepts specific to sole proprietorships. It covers topics such as the equity section of a sole proprietorship, liabilities, profits distribution, equity calculation, journal entries, and accounting theories supporting certain practices in sole proprietorships.
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Which of the following items are included in the equity section of a sole proprietorship?
a) Capital
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Add RecommendationEdit TagsView All Assigned Tagsb) Revenue
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Add RecommendationEdit TagsView All Assigned Tagsc) Expenses
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Add RecommendationEdit TagsView All Assigned Tagsd) Liabilities
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a) Limited liability
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Add RecommendationEdit TagsView All Assigned Tagsb) Unlimited liability
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Add RecommendationEdit TagsView All Assigned Tagsc) No liability
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Add RecommendationEdit TagsView All Assigned Tagsd) Joint liability
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a) Shareholders
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Add RecommendationEdit TagsView All Assigned Tagsb) Lenders
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Add RecommendationEdit TagsView All Assigned Tagsc) Owner
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Add RecommendationEdit TagsView All Assigned Tagsd) Employees
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a) Total current assets less total current liabilities
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Add RecommendationEdit TagsView All Assigned Tagsb) Total non-current assets less total non-current liabilities
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Add RecommendationEdit TagsView All Assigned Tagsc) Total assets less total liabilities
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Add RecommendationEdit TagsView All Assigned Tagsd) Total assets less total current liabilities
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What happens to the drawings account of a sole proprietor at the end of the financial year?
a) Transferred to Income Summary
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Add RecommendationEdit TagsView All Assigned Tagsb) Transferred to Capital
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Add RecommendationEdit TagsView All Assigned Tagsc) Converted to Equity
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Add RecommendationEdit TagsView All Assigned Tagsd) Paid to creditors
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The accounting theory that supports the recording of withdrawal of business’ assets for the owner’s personal use is:
a) accounting period theory
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Add RecommendationEdit TagsView All Assigned Tagsb) consistency theory
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Add RecommendationEdit TagsView All Assigned Tagsc) going concern theory
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Add RecommendationEdit TagsView All Assigned Tagsd) accounting entity theory
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a) assets
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Add RecommendationEdit TagsView All Assigned Tagsb) drawings
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Add RecommendationEdit TagsView All Assigned Tagsc) capital
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Add RecommendationEdit TagsView All Assigned Tagsd) losses
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a) Beginning capital – Additional capital – Profit Drawings
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Add RecommendationEdit TagsView All Assigned Tagsb) Beginning capital – Additional capital – Profit – Drawings
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Add RecommendationEdit TagsView All Assigned Tagsc) Beginning capital Additional capital Profit Drawings
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Add RecommendationEdit TagsView All Assigned Tagsd) Beginning capital Additional capital – Profit – Drawings
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What is the journal entry to record the owner’s contribution of $20,000 into the business bank account?
a) Debit Cash at bank, Credit Capital
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Add RecommendationEdit TagsView All Assigned Tagsb) Debit Capital, Credit Cash at bank
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Add RecommendationEdit TagsView All Assigned Tagsc) Debit Cash at bank, Credit Drawings
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Add RecommendationEdit TagsView All Assigned Tagsd) Debit Drawings, Credit Cash at bank
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What is the journal entry to record the transfer of profit for the year to the capital account?
a) Debit Income summary, Credit Capital
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Add RecommendationEdit TagsView All Assigned Tagsb) Debit Capital, Credit Income summary
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Add RecommendationEdit TagsView All Assigned Tagsc) Debit Capital, Credit Drawings
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Add RecommendationEdit TagsView All Assigned Tagsd) Debit Drawings, Credit Capital
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What is the journal entry to record the transfer of total drawings for the year to the capital account?
a) Debit Capital, Credit Drawings
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Add RecommendationEdit TagsView All Assigned Tagsb) Debit Drawings, Credit Capital
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Add RecommendationEdit TagsView All Assigned Tagsc) Debit Capital, Credit Income summary
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Add RecommendationEdit TagsView All Assigned Tagsd) Debit Income summary, Credit Capital
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Students who fail the quiz may lack understanding of fundamental accounting concepts related to sole proprietorships. They may need to review topics such as equity sections, liabilities, and journal entries to improve their knowledge.
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Students who pass the quiz demonstrate a basic understanding of accounting principles in the context of sole proprietorships. They have a grasp of concepts like equity calculation, owner’s liabilities, and profit distribution in this business structure.
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Students who excel in the quiz exhibit a strong comprehension of accounting concepts specific to sole proprietorships. They likely understand advanced topics such as drawing accounts, journal entries for personal withdrawals, and the theoretical foundations supporting accounting practices in this business setup.
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