Accounting Terminology

Cash, goods and Asset etc. brought by the owner of the business is known as....

• Capital

• Drawings

• Income

• Expenses

The person from whom we purchase goods on credit is known as .......

• Debtors

• Creditors

• Bad Debt

• Solvent

The Commodities in which trader deals is known as ......

• Asset

• Liabilities

• Goods

• Expenses

Assets are Purchases with Intention

• Using it in Business

• Resale and Earn Profit

• Destroy them

• None of above

_________________ is a person to whom we owe something

• Debtor

• Proprietor

• Seller

• Creditor

The Debt which is not Recoverable is known as

• Blank Debt

• White Debt

• Bad Debt

• White Debt

Building is an _________

• Expenses

• Goods

• Assets

• Liability

Assets can be funded by

• Capital

• Outside Liabilities

• Both

• None

When Assets are more than Liabilities, Business is said to be

• Solvent

• Insolvent

• Good

• Bad

When Income is more than Expenses, it is called as

• Loss

• Profit

• Trasnaction

• All of the Above