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Gr 7 EMS Topic 5 Accounting concepts

Authored by Craig Fortuin

Social Studies

7th Grade

20 Questions

Used 79+ times

Gr 7 EMS Topic 5 Accounting concepts
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The system/process that provides information about what a business has done with the money it has earned.

budgeting

accounting

bookkeeping

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or false?

Capital refers only to money contributed by the owner to the business.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or false?

Capital can include computers, desks, vehicles furniture and property.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounting term used for the possessions of the business.

capital

liabilities

assets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The debts of the business.

Liabilities

Assets

Expenses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sales

Income from selling goods

Income from providing services

Income from renting out property

Income from a bank deposit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income from providing services

Sales

Current income

Rent income

Intereste income

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