Explore the fundamentals of sole trader accounts with this engaging trivia quiz. Test your understanding of assets, liabilities, and profit calculations, and learn how purchases and net profit fit into financial statements. Ideal for students and professionals in accounting.
Buildings
Cash
Debtors
Loan from K Harris
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Trading account
Profit and loss account
Trial balance
Balance sheet
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The amount spent on buying fixed assets
How much a fixed asset can be sold for
The part of the cost of the fixed assets that is used up over its period of use
The money spent replacing assets
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Profit does not affect capital
Profit reduces capital
Capital can only come from profit
Profit increases capital
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£21,100
£21,600
£32,400
£21,400
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Are bought to be used in the business
Are items which will not wear out quickly
Are expensive items bought for the business
Are of long life and are not bought specifically for resale
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Rent £6,500, Insurance £1,750
Rent £5,500, Insurance £1,750
Rent £6,500, Insurance £1,250
Rent £5,500, Insurance £1,250
Items bought
Good bought for resale
Goods bought on credit
Goods paid for
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£6,800
£6,200
£7,000
Another figure
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Cash, bank. debtors, stock
Debtors, stock, bank, cash
Stock, debtors, bank, cash
Stock, debtors, cash, bank
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