Accounting Terminologies

Accounting Terminologies

University

25 Qs

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Accounting Terminologies

Accounting Terminologies

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Mrs Malar

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25 questions

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1.

FILL IN THE BLANK QUESTION

0 sec • 1 pt

The art of recording transactions is called ------------

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Purchase of car for wife by withdrawing money from business is an example of

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Bank Loan is recorded as

Liabilities

Asset

Revenue

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Profit = Revenue – Expenses

True

False

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Identify whether the following event is a transaction or not.

Placed an order with Sen & Co. for goods for $5,000

Transaction

Not a transaction

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

If a stock is valued at ‘cost or market price whichever is less’, this principle should be applied in each subsequent year. This is according to

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Consider an ordinary calculator costing Rs. 100 may last for ten years. However, the effort involved in allocating its cost over the ten year period is not worth the benefit that can be derived from this operation. The cost incurred on calculator may be treated as the expense of the period in which it is purchased.

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