BASIC ACCOUNTING TERMS

BASIC ACCOUNTING TERMS

Basic terms

1. Event                                    2. Transactions
3. Vouchers                             4. Capital
5. Assets                                  6. Liabilities
7. Trade Debtors                    8. Trade Creditors
9. Purchases                           10. Sales 
11. Goods Traded in                12. Stock
13. Profit                                  14 Loss 

15 Expense                              16 Revenue           

17 Income                                18 Drawing 

Multiple Choice

_______ is an evidence of transaction taken place.

• Event

• Voucher

Multiple Choice

A person ho owes money to the business is known as _____

• Creditor

• Debtor

Multiple Choice

Liabilities are economic resources of the entity which give cash or benefit in future.

• True

• False

Multiple Choice

_______ is the excess of total revenue over total expanse.

• Loss

• Income

Multiple Choice

Goods remaining unsold or unused in manufacturing at a particular date is known as _______.

• Goods traded in

• Stock

Multiple Choice

______ is the claim of owner or proprietor.

• Drawings

• Capital

Multiple Choice

The assets that can be seen and touched are called as ______

• Current Assets

• Tangible Assets

Multiple Choice

Excess of expenses over revenue is known as _____ .

• Loss

• Income