Revision of L5 session 3 accounting

Accounting is often referred as

• The grammar of Business

• The language of Business

• The Art of business

• None of the above

If you purchase a machine, where will you write it down?

• Income Statement

• Balance sheet

• Notebook

• All of the above

Cash at bank is

• Asset

• Liability

Which statement consists of Assets & Liabilities?

• Cash flow statement

• Balance Sheet

• Statement of Income & Expenses

• Statement of Profit & Loss

You bought a chocolate for $10 and sold it to your friend for $7. What will be difference of $ 3 for you?

• Loss

• Expense

• Income

• Profit

When you take out money from Business, it is called _____________.

• Capital

• Drawings

• Loss

• Expense