40 questions
Double entry in accounting means there must be________ entries for every transaction?
two
Three
six
one
Assets increase on the ________ side?
subsidiary
T-account
credit
debit
A general Leger/T) has a ______ and _______ side.
cash receipt and debtors
debit and payments
debit and credit
creditors and debtors
owners equity decreases on the _________ side?
credit
debit
payments
liability
assets decreases on the _______ side?
debit
two
credit
sixth
________ are debts of the business?
assets
liabilities
owners equity
vehicles
Equipment are an example of an/a ______?
loan
asset
liability
owners equity
trading stock is an/a ________?
equity
liabilities
assets
owners equity
when the owner takes money out of the business's account it is called _________?
credit
drawings
debt
borrowing
water and electricity is an/a __________?
credit
asset
expense
income
rates and taxes are an/a ________?
profit
income
VAT
Expense
_______ can also be in a form of assets?
tax
capital
customers
bank
general ledgers are _________?
VAT
Mark-Up
debit
T-account
opening balance is __________?
balance of payments
balance carried down
balance broad-down
money
A __________ amount will appear on the left side of a T-account.
Credit
Debit
An Asset is:
Refers to items that are owned
Refers to amounts that are owed to others
Refers to amounts earned
Accounts Payable is classified as a/an ___________ in the _____________.
Current asset; Balance Sheet
Current liability; Balance Sheet
Expense; Income Statement
Revenue; Income Statement
Complete the following statement .Assets=....
Owners equity +liabilities
Bank + Owners equity
Liabilities +Bank
Sale is made to a customer on credit terms. Which of A,L,O/E isn'n part of the transaction?
ASSETS
LIABILITIES
EQUITY
Car is bought on credit from a supplier. Which of A,L,O/E is not part of the transaction?
EQUITY
ASSET
LIABILITY
What type of an account is Capital?
ASSET
LIABILITIES
OWNER'S EQUITY
Owner invests $1200 cash into their business.
Which 2 accounts are being affected?
ACCOUNTS PAYABLE & CAPITAL
CASH & ACCOUNTS PAYABLE
CAPITAL & CASH
CASH & SUPPLIES
The accounting equation must always be
balanced
uneven
zero
equal to the square root of 5
__________________ is the language of business.
Finance
Business Essentials
Accounting
English