Accounting Quiz

Applying the concept of double entry accounting system, which of the following best refers to the term "Debit"?

• Decrease

• Right side

• Increase

• Left side

Which of the following derivations is not consistent with the basic accounting equation?

• Assets less liabilities equal owner's equity

• Liabilities equal owner's equity less assets

• Owner's equity equal assets less liabilities

• Liabilities equal assets less owners' equity

This income received from different employees working in different Companies

• Salaries and wages

• Compensation income

• Passive Income

• Honorarium

Financial statement that explains the net change for the year.

• Statement of Comprehensive Income

• Statement of Cash Flow

• Statement of Changes in equity

• Statement of Financial Position

Main-revenue producing activities of the business

• Cash Flow

• Operating activities

• Investing activities

• Financing activities

The last section of the Statement of Cash Flow.

• Investing Activities

• Operating Activities

• Financing Activities

• Net cash flow

The second section of Statement of Cash Flow

• Operating Activities

• Investing Activities

• Financing Activities

• Beginning cash

Written request form to buy a certain item or items and it is generally pre numbered consecutively to avoid misuse or loss.

• Purchase order form

• Purchase requisition form

• Delivery order form

• Official receipts

Period of time within which an invoice must be paid and entitled to a discount

• Trade discount

• Purchase discount

• Discount period

• Report period

Discount given to the buyer for early payment of purchase made on credit

• Purchase discount

• Sales discount

• Discount period

• Trade discount