Basic terms of accounting

Basic terms of accounting

11th Grade

46 Qs

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Basic terms of accounting

Basic terms of accounting

Assessment

Quiz

Other

11th Grade

Medium

Created by

Surender Singh

Used 3+ times

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46 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A type of asset that represents physical goods for sale.

Contributed Capital

Inventory

Cash in Banks

Account Receivable

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The portion of a business that belongs to the owners.

Equity

Revenue

Assets

Liabilities

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic resources of the entity. Include such items as cash, accounts receivables, inventory, land, buildings, equipment, intangible assets and others.

Income Statement

Accounts Payable

Cash Flows Statement

Assets

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Amounts owed to others relating to loans, credits and other types of obligations.

Liabilities

Owners Equity

Revenue

Assets

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An accounting _____ is a clearly defined economic unit.

unit

account

entity

business

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting procedure of recoding every transaction with two or more accounts. For each transaction debits = credits.

Double Entry Accounting

Single Entry Accounting

Debit Accounting

Credit Accounting

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost that occurs as part of a company's operating activities during a specified accounting period.

Revenues

Expenses

Profit

Retained Earnings

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