Accounting Definitions

Money or other assets provided by the owner/s to start a business is:

• Loans

• Income

• Assets

• Capital

Money or items taken from the business by the owner for personal or family use is:

• Capital

• Drawings

• Wages

• Salaries

Which of the following is not Owner’s Equity?

• Capital

• Land and Buildings

• Drawings

• Profit

Money/anything owned that can be turned into money, including loans and payments owed to you:

• Capital

• Owners' Equity

• Assets

• Liabilities

Possessions purchased by the business with the intention of of using them for longer than a year:

• Current Assets

• Current Liabilities

• Non-Current Assets

• Non-Current Liabilities

Which of the following is not a Current Asset?

• Bank (money in the bank)

• Trading stock

• Equipment

• Debtors

Furniture and computers are:

• Expenses

• Liabilities

• Current Assets

• Non-Current Assets

An amount owed to a bank or other business is called:

• Capital

• Drawings

• A Liability

• An Asset

Money kept in the cash register to give change to customers:

• Petty Cash

• Cash Float

• Capital

• Money

The accounting term used to describe small cash payments made out of a cash box is called:

• Petty Cash

• Cash Float

• Capital

• Drawings