Basic Accounting

Amount spent for purchasing fixed asset is a ............................

• Capital

• Revenue

• Capital expenditure

• Revenue Expenditure

Accounting is referred to as the "language of ___________________."

• profit
• life
• accounting
• business

The left side of a T-Account is called

• Debit
• Credit
• Left Side
• Right Side

Recording transactions is a journal in a chronological order on a daily basis is known as______________________.

• Recording
• Updating
• Interpreting
• Journalizing

______________________ is the transfer of journalized transactions to their accounts.

• Posting
• Recording
• Updating
• Journalizing

The name given to an account

• account title
• capital
• expense
• revenue

Financial reports that summarize the financial condition and operations of a business

• financial statements
• ethics
• withdrawals
• equities

Assets taken out of a business for the owner's personal use

• capital
• withdrawals
• equities
• revenue

Amount owed by a business

• liability
• asset
• capital
• account

Anything of value that is owned

• account
• asset
• withdrawal
• expense