Grade 9 Accounting Terminology Quiz

______ is property that belongs to a business and was obtained through a transaction.

• An expense.

• A liability.

• An asset.

• An income.

A current asset is an asset that can be exchanged into cash after 12 months or a year? True or false.

• TRUE

• FALSE

Which two items can be classified as Non-Current/ Fixed Assets?

• Bank

• Land and Buildings

• Vehicles

• Petty Cash

Owner's Equity = Capital + Net Profit - ?

• Income

• Expenses

• Drawings

• Net Capital

The owners can contribute other assets (vehicles and equipment) in the form of capital?

• TRUE

• FALSE

which two items can be classified as a liability?

• Loan

• Bank

• Bank Overdraft

• Land

Which item is not classified as an income?

• Service Fees

• Sales

• Interest Received

• Wages

The money you keep in a cash register from which customers are given change?

• Petty cash

• cash float

• bank

Advertising can be classified as a business expense?

• TRUE

• FALSE

Doctors, Dentists and Dry Cleaners can be classified as __________

• trading enterprises

• Service enterprises