Grade 8 EMS Test: Accounting concepts and Accounting Equation

This test includes: Accounting equation, owner's equity, assets (current and non-current), liabilities (current and non-current), capital and drawings, expenses, income, profit, loss, wages and salaries, allocating items to the accounting equation, debtors and creditors, calculating value of business assets and liabilities, showing the effect of transactions on the accounting equation.

(9 pages with questions, detailed memo with explanations at the end)