1. What's the accouting equation?
- Income- Expenses= Profit
- Liabilities- Capital = Assets
- Assets + Liabilities= Capital
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2. State a purpose of accouting (do 2 more if you can)
- To employ more people to make the business bigger
- To add numbers
- To asses a business
- To make money
3. What are the two basic accounting concepts which apply to all business accounts?
- Time and patience
- Business entity and Money measurement
- Profit and loss
- Purchase and Sales
4. Which one of these are two internal stakeholders?
- Owner and manager
- Bank and goverment
- Parents of the owner's business
5. If Liability= £2560 and Assets=£9852, what does capital equal?
- Capital can't be worked out like this