Financial Accounting Revision Quiz

_______ is a financial statement that reports a business's assets, liabilities, and capital on a specific date.

• 
  Balance sheet

• 
  

  Income Statement

• 
  

  Expenditure

• 
  

  Statement of Cash Account

___________________ is defined as a system of collecting, organizing, reporting and interpreting information about those financial transactions of a business.

• Income Statement

• Accounting

• Analysing

• Debtors

Anything that has value which provides service to an organization is known as:

• Capital

• Liability

• Assets

• Creditors

The total value used to start the business is called ______________.

• Capital

• Asset

• Loan

• Liabilities

Amounts owing to persons or other organizations is known as _______.

• Capital

• Liability

• Assets

• Creditors

All of the following are internal users of accounting information except:

• Owners

• Employees

• Supplier

• Manager

Which of the following are fixed assets?

• Cash in Hand

• Cash at Bank

• Furniture & Fixtures

• Inventory

Which of the following is a current asset?

• Cash at Bank

• Cash at Bank

• Prepaid Expenses

• All of the above

Depreciation is

• Real

• Nominal

• Personal

• Deferred Revenue Expenditure

Diminishing balance method is proper for

• Fixed Assets

• Liabilities

• Copyright

• Livestock