Which one of the following is the correct accounting equation?
Assets + Liabilities = Capital
Assets = Capital - Liabilities
Assets = Capital + Liabilities
Assets + Capital = Liabilities
At the end of the year, there were fixed assets amounting to $10000, current assets of $7500, long term liabilities of $5000 and capital 9000. How much was current liabilities?
If goods are to be paid for in advance, the seller may issue which document?
A debit note
A pro-forma invoice
A goods received note
Which of the following would be considered a contract?
(i) A customer buying goods in a supermarket
(ii) A band signing on with a record company
(iii) A hire-purchase agreement
(iv) Your relationship with your employer
ii and iii
i and ii
all of them
Under the Sale of Goods Act, goods offered for sale to consumers must be?
Not obtainable elsewhere more cheaply
Of good quality
Fit for the purpose for which they are being purchased