1/15
Which of the following is a formula to calculate equity?

Total current assets less total current liabilities

Total non-current assets less total non-current liabilities

Total assets less total liabilities

Total assets less total current liabilities
2/15
The resources that a sole proprietor contributes to a business are known as ______________

profits
3/15
The business assets that a sole proprietor withdraws from his business are known as ______________

loss for the period
4/15
The accounting theory that supports the recording of withdrawal of business’ assets for the owner’s personal use is __________________

accounting period theory

consistency theory
5/15
Which of the following is not an equity item in a sole proprietorship?

losses
6/15
What is the formula to calculate ending capital for a sole proprietor?

Dr Dividends payable
8/15

Issued share capital

Dividend

Dividend payable
9/15
A company has 500,000 ordinary shares. A dividend of $0.06 per share was declared. Calculate the total dividend amount distributed by the company.

$6,000

$30,000

$500,000

$3,000,000
10/15
The balance in the retained earnings account of Ace Limited on 1 January 2021 was $61,780. The profit for the year ended 31 December 2021 was $13,240, and dividends declared and paid was $4,320. Calculate the balance in the retained earnings account on 31 December 2021.

$44,220

$70,700

$75,020

$79,340
12/15
13/15
14/15
15/15